SINGAPORE (Aug 25): Raffles Education posted a 7% decline in full year earnings to $15.8 million from $17 million the year before.

Group revenue fell 7% to $111 million from $119.9 million in FY15 mainly due to the discontinuation of its Raffles Shanghai joint venture college as well as a reduction in foreign student intake in Raffles Sydney, which led to decreases of revenue by $4.6 million and $7.8 million respectively.

This was partially offset by an increase in other operating income from $7.9 million for FY15 to $9.7 million for FY16.

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