Check out why Raffles Education braces for waves of losses

Looks like the restructure of its Vietnam operations will leave the group cash-strapped.

In a release, reasons cited for the expected loss are:

Non-Cash Provisions
1) A provision for the loss on disposal of the land use rights to a total of approximately 670 mu of land amounting to approximately S$59.7 million inclusive of transaction costs and estimated income tax, resulting from the difference between the book value of the Land and the consideration for the disposal. This is notwithstanding that the disposal of the Land has not been completed and is subject to, among others, the approval of shareholders of the RafflesEducationCorp.

2) Impairment of goodwill amounting to approximately S$60 million arising from previous acquisitions of Hartford Education Corporation Pte Ltd (S$51 million), Path Education Corporation Pte Ltd (S$7 million) and OUC (S$2 million).

Cash Expenses
3) Due to the restructuring of its Vietnam operations, in addition to the S$2.3 million of refunds already incurred in the third quarter of FY2012, the Group has incurred further cash expenses amounting to approximately S$6 million in the fourth quarter of FY2012.

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