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China: Losses shorten for TAL Education Group

Beijing-based K-12 after-school tutoring provider TAL Education Group has reported a first-quarter net loss of $42.9 million for the period ending 31 May 2022. This compares to a net loss of $109.1 reported for the first quarter of its 2021 fiscal year.

Revenue for the quarter was $224 million, down from $1.38 billion in Q1 2021.

TAL’s president and chief financial officer Alex Peng said: “Our performance this quarter demonstrates the combined efforts of our experienced management team, innovative employees, and our extensive business partners. In the process of our transformation, we are focused on developing new initiatives that match the mega trends in our industry and the broader ecosystem.

“We believe TAL’s trusted brand, operational excellence and pedagogical know-how will position the company for the transformation we are going through.”

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