Raffles Education Corp's FY2015 earnings plunge 69%

SINGAPORE -Raffles Education Corp reported a 69 per cent plunge in its full-year earnings, a net profit of S$17 million.

Revenue for the 12 months to June 30 slipped 4 per cent to S$120 million.

The firm said on Thursday revenue for last year included S$7.3 million from Langfang Oriental Institute of Technology, so excluding this, revenue for this year rose by S$2.4 million.

Earnings per share for the year was 1.68 cents, down from 5.4 cents a year ago, while net asset value per share was 57.1 cents, up from 55.41 cents last year.

The firm said: "The current macroeconomic slow down, currency volatility and the impending global interest rate hike, have created new challenges in the markets the group operates in."

rachaelb@sph.com.sg