SINGAPORE (Aug 29): Raffles Education Corporation swung back into profitability in FY18 ended June with $10.7 million in earnings from a net loss of $1.8 million in FY17, thanks to a net fair value gain from its investment properties.
Earnings per share came in at 0.9 cent, a reversal from a loss per share of 0.17 cent in the previous year.
Raffles Education said it benefited from a $53.0 million gain from its investment properties in OUCL and Oriental University of City Holdings (HK), a $7.7 million gain from the investment properties in Parramatta, Australia and $1.7 million gain from its investment properties in Bangkok, Thailand.
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