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22-08-2014, 07:26 AM
http://www.businesstimes.com.sg/premium/...n-20140822
PUBLISHED AUGUST 22, 2014
Raffles Education full-year profit doubles on divestment gain
BYCARINE LEE
carinel@sph.com.sg @CarineLeeBT
RAFFLES Education Corporation yesterday said its net profit for the fiscal year ended June 30 doubled to S$55.37 million from S$26.67 million on gain from divestments.
While revenue fell one per cent to S$127.39 million, other operating income rose 53 per cent to S$102.49 million.
Raffles enjoyed a gain of S$45.5 million on divestment of 490 mu (326,700 square metres) of land and properties in Oriental University City (OUC), and a S$40.8 million gain on disposal of 50 per cent equity interest in Value Vantage Investment and Management (Hangzhou) Co Ltd.
In addition, the group received compensation income of S$4.1 million confirmed by Langfang city government in China in October last year, as OUC had assumed certain liabilities on their behalf in prior years.
PUBLISHED AUGUST 22, 2014
Raffles Education full-year profit doubles on divestment gain
BYCARINE LEE
carinel@sph.com.sg @CarineLeeBT
RAFFLES Education Corporation yesterday said its net profit for the fiscal year ended June 30 doubled to S$55.37 million from S$26.67 million on gain from divestments.
While revenue fell one per cent to S$127.39 million, other operating income rose 53 per cent to S$102.49 million.
Raffles enjoyed a gain of S$45.5 million on divestment of 490 mu (326,700 square metres) of land and properties in Oriental University City (OUC), and a S$40.8 million gain on disposal of 50 per cent equity interest in Value Vantage Investment and Management (Hangzhou) Co Ltd.
In addition, the group received compensation income of S$4.1 million confirmed by Langfang city government in China in October last year, as OUC had assumed certain liabilities on their behalf in prior years.