Raffles Education

[winston]

Not vested

Raffles Education may be in focus after it said on Thursday its fiscal third quarter net profit fell 74 percent year-on-year to S$2.4 million, hurt by the strengthening of the Singapore dollar against the Chinese yuan, as well as lower student enrolments in China.

Source: Reuters

[winston]

Not vested

Raffles Education also suffered a drag on its earnings as operating expenses have continued to creep up.

Notably, staff costs have risen by 7% YoY to $15m, from $14.1m a year ago, as a result of an increase in headcount to 2,951 due to the setting up of new colleges in the region.

If this trend persists, companies will be facing strong headwinds as they strive to maintain growth.

Source: Kim Eng

[winston]

Not vested. Education not "sure win " business ?

RAFFLES EDUCATION - Private education provider Raffles Education said its net profit for the year ended June 30 fell 20 percent to S$42 million, hurt by lower enrolments of students in China and the strengthening of the Singapore dollar against the yuan.

Source: Reuters

[winston]

n ot vested

Raffles Ed 1H2012 profit soars on asset disposal, forex gain By CARINE LEE

Raffles Education Corp Ltd on Wednesday posted net profit for the half year ended Dec 31, 2011 of $21.24 million.

The 236 per cent increase from $6.33 million a year ago, is due to a $9 million gain on disposal of an available-for-sale financial asset in an unquoted equity interests, acquired as part of the previous acquisition of Oriental University City.

The group also enjoyed a gain of $10.9 million currency translation differences arising from consolidation of foreign operations in the second quarter of FY2012, mainly due to the appreciation of Renminbi against Singapore Dollar.

Turnover for the first six months of the fiscal year fell 14 per cent to $72 million from $83.56 million a year ago.

Earnings per share for was 0.41 cents. A year ago, it posted EPS of 0.45 cents.

A 0.5 cents per share first interim dividend was declared.

http://www.businesstimes.com.sg/sub/lat ... 47,00.html?

[winston]

not vested

Raffles Education (RLS SP, $0.525, Buy, TP $0.65)

Stripping out a one-off gain of $9.0m on disposal of available-for-sale financial assets, Raffles Education’s 2QFY Jun12 results were slightly below our expectation.

Net profit fell by 10% YoY to $3.5m, dragged down by other operating costs arising from property and land use tax expenses of $2.2m during the quarter.

Despite the uninspiring results, the group has increased its interim dividend payout to 0.5 cents per share from 0.45 cents last year.


Source: Kim Eng

[winston]

not vested

Singapore education corp complains over fines imposed by Vietnam

The Singapore-based education corporation Raffles has criticized the punishment levied by the Vietnamese government against its schools in Vietnam, as unreasonable.

Raffles foreign language center in HCMC was fined last month by Vietnam’s Ministry of Education and Training, for cooperating with the Raffles College of Higher Education in Singapore, to illegally enroll Vietnamese students in bachelor's and master's programs.

The ministry said Raffles was not allowed to offer that kind of training in Vietnam and asked the school to stop the courses, leaving many students in the lurch.

A Straits Times report on Thursday cited a representative from the corporation, as saying that the punishment had been determined by inappropriate rationale.

The Raffles corporation has requested the ministry to allow the schools to resume their college and postgraduate training programs as soon as possible, it said.

The representative also said that the punishment and the cancelation of courses have contributed to a 10-13 percent reduction in the corporation’s revenues for the last quarter of 2011.

Raffles schools in Hanoi and HCMC were asked to pay a total of VND75 million (US$3,600) for the infraction.

In October 2009, Raffles in HCMC was found forging the score records and English language certificates of many students in order to send them to college training courses in Singapore, though the students had not yet finished high school.

http://www.thanhniennews.com/index/page ... nalty.aspx

[iam802]

We are already into 2012.

One can clearly see how inefficient our authorities are. All in the name of KPI.

not vested

...
Raffles foreign language center in HCMC was fined last month by Vietnam’s Ministry of Education and Training, for cooperating with the Raffles College of Higher Education in Singapore, to illegally enroll Vietnamese students in bachelor's and master's programs.

...

In October 2009, Raffles in HCMC was found forging the score records and English language certificates of many students in order to send them to college training courses in Singapore, though the students had not yet finished high school.

http://www.thanhniennews.com/index/page ... nalty.aspx

[winston]

We are already into 2012.

One can clearly see how inefficient our authorities are. All in the name of KPI.

You mean the Vietnamese authorities ?

The news was from a Vietnamese newspaper with regards to Raffles Education in Ho Chi Minh City

[iam802]

Then it's worse.

Cos', our authorities have not caught up yet.

Well, my glasses are tinted .

[winston]

not vested

Singapore's Raffles Education said on Thursday it had agreed to sell the land use rights related to four land parcels and some properties in China's Langfang Development Zone to Langfang Fenghe International Golf Club Co., Ltd for 1 billion yuan ($159 million).

Source: Reuters