Blame the discontinuation and teach-out of Raffles Shanghai JV college.
Raffles Education Corporation Limited might need to hit the books again after its loss widened by 49% YoY from $2.33m to $3.46m in Q1.
According to its financial statement, revenue dipped by 2% YoY to $24.2m, whilst operating income fell 66% YoY to $414m.
The firm blamed the discontinuation and the lack of new students of Raffles Shanghai joint venture college which resulted in the decrease of revenue by $0.8m. There was also lower revenue from Raffles Singapore by $0.7m.
This was partially offset by higher revenue from Raffles American School Bangkok and Raffles American School Iskandar (RASJB).
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