Blame it on forex woes.
Raffles Education reported a net loss of $3.7 million in the first half of its financial year, against a net profit of $812,000 in the same period last year.
The group reported lower revenue and higher amortisation expenses, as well as higher finance costs and higher share of loss from joint ventures.
The group also recorded $14.3 million in currency translation loss due to the depreciation of the RMB against the SGD.
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