Other income fell to $2.4 million over the quarter from $4.3 million a year ago on the absence of a $1.4 million fair value gain, when the company increased its shareholding in Raffles College of Higher Education Sdn. Bhd. in FY16.
SINGAPORE (May 9): Raffles Education reported net loss attributable to shareholders widened to $9.4 million for the 9M17 ended March from $6.5 million a year ago.
Group revenue for 3Q17 declined 14% to $73.1 million from $85 million a year ago due to the discontinuation and teach-out of its joint venture college, Raffles Shanghai; lower utility income from investment properties in Oriental University City Limited (OUCL) as the provision of utility services was taken over by a third party; as well as a decrease in rental income from investment properties in Oriental University City Holdings (HK) (OUCHK) as the number of students renting accommodations fell.
