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Raffles Education sinks into losses in 1Q on lower sales, higher expenses

Gwyneth Yeo
Gwyneth Yeo11/9/2016 06:52 PM GMT+08  • 1 min read
Raffles Education sinks into losses in 1Q on lower sales, higher expenses
SINGAPORE (Nov 9): Raffles Education Corporation posted net losses of $1.7 million for 1Q17, compared with earnings of $867,000 in 1Q16.
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SINGAPORE (Nov 9): Raffles Education Corporation posted net losses of $1.7 million for 1Q17, compared with earnings of $867,000 in 1Q16.

For the quarter to September, revenue declined 15% to $24.8 million from the discontinuation of joint venture college Raffles Shanghai, a decrease in utility income of $1.0 million from investment properties in Oriental University City, and a decrease in foreign student intake in Raffles Sydney and Raffles Singapore. Other operating income also fell from $3 million to $1.2 million on lower foreign exchange gains.

Meanwhile, other operating expenses decreased from $14.7 million to $12.1 million due to a foreign exchange loss of $2.6 million.

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