Overseas Education profit down 2.8% on lower revenue

SINGAPORE - Profit at Overseas Education dropped 2.8 per cent to $22 million for the full year ended Dec 31 owing to lower revenue from tuition fees, school bookshop sales and enrichment programmes.

Revenue dipped 0.9 per cent to $102.1 million as Overseas Education said there was softness in the enrolments of its junior school.

Total costs were little changed at $75.7 million, although personnel expenses rose 1.8 per cent to $57.1 million due to increase in salaries and higher Central Provident Fund contributions.

That was offset by an absence of a share subsidy given out to staff in the previous year.

Earnings per share stood at 5.3 cents, down from 5.7 cents previously, while the net asset value per share rose to 37.9 cents from 35.3 cents previously.

A final dividend of 2.75 cents per share has been proposed, unchanged from the previous year.