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SINGAPORE : Raffles Education Corporation, the largest private education provider in the Asia-Pacific region, has reported an 8.2 per cent increase in net profit to S$55.8 million for the financial year ended 30 June 2010.
Revenue for the year fell 6.9 per cent to S$188.1 million due mainly to lower enrolments resulting from a reduction in the allocation of National Education School students to the group as a result of the decline in the overall number of students in China taking the Gao Kao.
The Gao Kao or National Higher Education Entrance Examination is an academic examination held annually for students seeking admission into institutions of higher learning in the People's Republic of China.
Mr Chew Hua Seng, chairman and CEO of Raffles Education Corp, said: "The results are encouraging in spite of the higher initial expenses incurred with the rapid expansion of colleges in the region."
"The group has continued to grow its strategic presence across Asia amidst the uncertain economic conditions. This expansion will put us in good stead as global economies strengthen."
During the year, the group established eight new colleges in Colombo, Dhaka, Phnom Penh, Ahmedabad, Chandigarh, Hyderabad, Chennai and Kolkata - bringing its international portfolio to 36 colleges in 33 cities across 13 countries.
It said its investments have strengthened its portfolio, expanded its geographic presence and will provide profitable returns going forward.
The group said it will continue to invest organically through its new colleges and through strategic acquisitions.
- CNA/al
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