SINGAPORE (May 15): Raffles Education Corp reported losses for the nine months ended March of $3.1 million compared to losses of $8.5 million in the same period a year ago.
Revenue fell 1% to $72.6 million while other operating income fell 42% to $4.2 million due to sale of property by Axiom Properties.
The private education provider says challenging global education environment, currency volatility and increasing interest rate continue to impact the group.
The group is also facing increasing competition, higher manpower costs, a more stringent regulatory environment which have an adverse effect on the group’s operations.
Raffles Education is seeking opportunities in new business areas.
Shares in Raffles Education closed 0.3 cent lower at 17 cents on Tuesday.
