Informatics Education reverses to net loss of $4.9 million

SINGAPORE - Education group Informatics Education reported a net loss of $4.9 million for the 12 months to March 31, reversing from a profit of $164,000 a year ago.

It said this was owing to lower revenue, the lack of income recognition for deposits received in the previous year, and higher staffing costs.

Full-year revenue fell 33 per cent to $15.9 million, compared with the same period a year ago, mainly owing to a lower number of students enrolled in the Singapore and British operations.

The firm said Britain's business was affected by the Ebola outbreak in Africa during the financial year.

Full-year loss per share was 0.34 cents, compared with earnings per share of 0.01 cents a year ago, while net asset value was 1.23 cents as at March 31, down from 1.60 cents a year ago.

The firm noted that 20,000 new shares were issued at 4.5 cents each, which amounted to $900, due to the exercise of 20,000 share options under the employee share option scheme.