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Raffles Education swings to profit in fiscal Q3

Raffles Education Corp. Ltd. said its normalized net income for the fiscal third quarter ended March 31 came to S$3.4 million, compared with a loss of S$5.0 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 11.1% from negative 16.1% in the year-earlier period.

Total revenue totaled S$31.2 million, compared with S$31.1 million in the prior-year period, and total operating expenses fell 14.4% on an annual basis to S$26.8 million from S$31.3 million.

Reported net income declined 80.1% year over year to S$4.7 million, or 0 cents per share, from S$23.8 million, or 2 cents per share.

As of May 14, US$1 was equivalent to S$1.32.