Raffles Education

Raffles Education: Revenue for 2Q13 increased by 1.5% y/y to $33.1m, while profits declined 42% to $12.1m. Other operating expenses was most prominent, with an increased of 28% y/y, which was not further detailed in the results announcement. Mgmt stated Group will continue to expand its presence across 13 countries, and they are confident that the investments made over the last few years will bring forth long term sustainable growth for the Group. Group has grown to operate 33 colleges in 30 cities across 13 countries in Asia Pacific: Australia, Bangladesh, Cambodia, China, India, Indonesia, Malaysia, Mongolia, New Zealand, Philippines, Singapore, Sri Lanka and Thailand. In 2012, the Group launched the Raffles University Iskandar and Raffles American School in Iskandar, Malaysia. NAV per share declined 13.8% to 50.15¢.