SINGAPORE: Mainboard-listed private education group, Raffles Education, said its profit for its fiscal first quarter ended in September dropped 55 per cent on-year to S$14 million.

The firm said this was due mainly to the lack of foreign exchange gains or divestment gains.

Last year, it had a one-time gain of S$6 million from the disposal of land, as well as unrealised foreign exchange gains of S$2.5 million.

Raffles Education said a S$1.3 million increase in finance costs due to higher interest rates on bank borrowings also impacted its bottomline.

Going forward, the firm said it will continue to open new colleges in the Asia Pacific.

While focusing on organic growth, Raffles Education will also look for strategic acquisitions to expand regionally. - CNA/vm