SINGAPORE (May 8): Raffles Education, the private education provider, reported 3Q19 losses narrowed to $0.6 million from losses of $4.0 million in 3Q18.
In 9M19, losses widened to $16.7 million from $11.3 million in 9M18 though.
Revenue for the quarter was 5% higher at $24.9 million from $23.8 million in the previous year.
During the period, the group recorded a loss of $0.2 million from share of results of associates compared to a gain of $1.8 million a year ago, mainly due to the divestment of property by Axiom Properties during the last financial year.
Currency translation differences arising from consolidation of foreign operations dropped 30% to $6.3 million.
As at end March, the group’s cash and cash equivalents stood at $5.7 million.
In its outlook statement, Raffles says the ever-changing global education environment and volatility in the financial markets continue to impact the group.
It will continue to restructure its operations for better focus and efficiency.
Shares in Raffles closed 5.56% lower on Wednesday at 8.5 cents.
