China: Bright Scholar Education Holdings reports losses with increased revenue
International and bilingual K12 school operator Bright Scholar Education Holdings has announced a net loss of ¥7.1 million (£866,000) for the third quarter of its 2022 fiscal year ending May 2022. This compares to net income of ¥163.9 million reported for the third quarter of its 2021 fiscal year.
Revenue for the quarter was ¥437.5 million, up 21.7% from ¥362.4 million reported for the third quarter of fiscal year 2021.
The Foshan-based company also reported results for the first nine months of its 2022 fiscal year ending 31 May 2022. Its net loss for the period was ¥60 million, compared to net income of ¥312.4 million reported for the first nine months of fiscal year 2021. Revenue for the period was ¥1.31 billion, up 20.2% on the ¥1.08 billion reported for same period in the prior year.