See why Raffles Education's net profit tumbled 70% to S$3.7m

Other operating income decline largely to blame.

Asia-Pacific region's largest private education provider Raffles Education Corporation Limited (RafflesEducationCorp) has announced a revenue of S$63.4 million and a net profit of S$3.7 million respectively for its first half FY2014, ended 31 December 2013.

Revenue for 1HFY2014 decreased 4% from S$65.9 million in the same period a year ago to S$63.4 million due mainly to a decrease in student numbers resulting from the closure of colleges as part of rationalisation.

The Group recorded other operating income of S$13.9 million in 1HFY2014, compared to S$21.7 million a year ago. 1HFY2014 net profit was S$3.7 million as the Group’s expansion and rationalisation bring positive outcomes.

Chew Hua Seng, Chairman and CEO of RafflesEducationCorp, said, “The last five years have brought about a major transformation in the Group. We are now a more mature company on a solid footing, with good assets backing.”