SINGAPORE: Singapore mainboard-listed Raffles Education Corp saw net profit rise 100 per cent on-year to S$31.8 million for its first quarter ended September.

Asia-Pacific's largest private education group also saw a 36 per cent rise in revenue to S$53.2 million.

The strong performance was attributed to an increase in student enrolment, higher course fees and contributions from the group's recent acquisitions.

The group has proposed a first interim, tax-exempt dividend of one Singapore cent per ordinary share, to be paid either in cash, or through an allotment of ordinary shares.

The allotment of shares will be through the Scrip Dividend Scheme, which has yet to be adopted.

The implementation of the scheme is subject to the group receiving in-principle approval from the Singapore Exchange Securities Trading Limited and approval of shareholders at an extraordinary general meeting to be convened at a later date.

- CNA/yt