This was mainly due to the discontinuation and teach-out of Raffles Shanghai joint venture college; a decrease in utility income of $1.9 million from invested properties in Oriental University City Limited (OUCL) after it had been taken over by a third party; as well as a reduction in foreign student intake in Raffles Sydney, which led to a consequent fall in revenue, says the group in a Wednesday filing to the SGX.
SINGAPORE (Feb 8): Raffles Education Corporation has narrowed its 2Q net losses to $3.9 million from $5.2 million a year ago.
Group revenue for 2Q17 ended Dec fell by 17% to $24.4 million from $29.5 million in the preceding year.
