This was due to lower revenue following the discontinuation and teach-out of its Raffles Shanghai joint venture college and reduction in revenue from Raffles Singapore, partially offset by an increase in revenue from Raffles American School Bangkok and Raffles American School Iskandar.
SINGAPORE (Nov 9): Raffles Education Corporation saw 1Q18 net loss widen to $5.9 million from a net loss of $1.7 million a year ago.
Revenue dipped 2% to $24.2 million in 1Q18, from $24.8 million a year ago.
