Raffles Edu: Slightly below consensus. 2Q Rev was at $36.1m -12.8% yoy -0.4% qoq, net profit was at $3.5m-14.6% yoy -80.3% qoq. This was even after a downward restatement of 2Q10 net profit figures from $5.6m to $3.9m. 2Q net profit included $9.0m on disposal of AFS financial assets. The absence of contribution by Shaanxi Electronic Information Institute and 50% of Zhongfa College were part of the fall in rev figures besides declining numbers of students for China’s Gao Kao.
Dividend of 0.5c declared, above 0.45c prev.
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