Overseas Education Limited has posted earnings of $10.3 million, 13% higher y-o-y for the FY2020 ended December.

Revenue for the full-year fell 3.9% y-o-y to $79.1 million, on lower revenue across all segments save for other revenue.

The lower revenue was due to weaker student enrolment, which slowed down to a near standstill during the 2HFY2020 due to the pandemic, which caused global lockdowns and travel bans.

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Total expenses fell 10% y-o-y to $52.2 million due to lower personnel expenses, finance costs and other operating expenses. The lower personnel expenses and other operating expenses were due to government grants, property tax rebates and Covid-19 (Temporary Measures) support.

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Earnings per share (EPS) for the period stood at 2.5 cents on a fully diluted basis for the FY2020 from 1.9 cents the year before.

The group has declared a final dividend of 2.3 cents per share for the FY2020, which will be payable May 20.

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As at end-December 2020, cash and cash equivalents stood at $44.2 million.

In its outlook statement, the group says it foresees new student enrolment for the 2021/2022 school year, which begins in August, is likely to be affected by the ongoing travel bans and restrictions.

Shares in Overseas Education closed 0.5 cent lower or 1.6% down at 31 cents on Feb 18.