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Hailiang Education fiscal Q1 loss widens YOY

Hailiang Education Group Inc. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to a loss of 40 fen per share, compared with a loss of 18 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.0 million yuan, compared with a loss of 4.0 million yuan in the prior-year period.

The normalized profit margin fell to negative 12.9% from negative 5.4% in the year-earlier period.

Total revenue fell 5.2% on an annual basis to 69.9 million yuan from 73.7 million yuan, and total operating expenses increased on an annual basis to 86.2 million yuan from 85.1 million yuan.

Reported net income totaled a loss of 14.5 million yuan, or a loss of 63 fen per share, compared to a loss of 6.4 million yuan, or a loss of 28 fen per share, in the prior-year period.

As of Dec. 24, US$1 was equivalent to 6.23 yuan.