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Fair value gain on properties helps Raffles Education Corp post full-year profit of $26.7m

Published on Aug 23, 2013 9:37 PM

Raffles Education Corp, a private education provider, posted net profit of $26.7 million for its latest financial year, reversing a loss of $66.3 million the year before.

This was despite revenue sliding 2 per cent to $128.4 million for the 12 months ended June 30, the company said on Friday.

It reported a $7.1 million decline in revenue from China, but said the loss was partially offset by a rise in contributions from the rest of the Asia-Pacific region.

Operating income fell 46.9 per cent to $67.2 million for the year as last year's figure was boosted by a government grant and one-off gains on sales of its equity interest.

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