Saturday, February 7, 2009

Daily news - 6 Feb

Raffles Education's Q2 profit jumps 66%
Raffles Education Corporation yesterday posted a 66 per cent year-on-year rise in its net profit to $27 million for the second quarter ended Dec 31, 2008. Revenue for the quarter rose 38 per cent to $54.2 million. For the first six months to Dec 31, net profit surged 89 per cent year-on-year to $58.5 million, while revenue climbed 37 per cent to $107.3 million. Raffles Education attributed the better results to higher student enrolment, an increase in course fees and contributions from the group's new acquisitions. The new contributions came from Oriental University City (OUC), Hefei Wanbo College and Shaanxi Electronic Information Institute. Also helping the results were gains from disposal of investment properties - $6.3 million for Q2 and $12.3 million for H1. Earnings per share for H1 rose 85 per cent to 2.52 cents from 1.36 cents, and an interim tax-exempt dividend of one cent per share has been proposed. Net asset value per share rose to 16.46 cents.

Source: Kim Eng

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