SINGAPORE - Raffles Education Corp's full-year net profit fell 7 per cent to S$15.8 million.

Revenue for the 12 months to June 30 also dropped by 7 per cent to S$111 million, mainly due to discontinuation of a joint venture college in Shanghai. This resulted in the decrease of revenue by S$4.6 million. Revenue also fell owing to a fall in foreign student intake in Raffles Sydney, which saw revenue fall by S$7.8 million.

Earnings per share slipped to 1.63 cents from 1.68 cents previously while net asset value per share eased by 2.39 cents to 54.71 cents.

Raffles said it is facing increasing competition, higher manpower costs, a more stringent regulatory environment, all of which are expected to have an adverse effect on the group's operations.

The company is not recommending a final dividend. Last year, it paid a dividend of one cent a share.