1HFY2024 revenue increased by 5% y-o-y to $56.8 million as revenue from the group’s Asean colleages increased to $23.9 million from $19.3 million due to higher student enrolments. The number of students in Asean grew by 19% y-o-y, says the group. This was, however, offset by lower revenue from Raffles Education’s colleges in China due to the lower number of student enrolments.
Operating profit stood at $690,000 from an operating loss of $6.9 million due to higher other operating income, lower expenses but offset by better finance costs and share of results of associates.
No dividends were declared for the period.
Cash and cash equivalents stood at $34.3 million as at Dec 31, 2023.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Shares in Raffles Education closed flat at 4.9 cents on Feb 7.
