Summary by Futu AI
KWONG CHENG EDUCATION INTERNATIONAL HOLDINGS LIMITED ANNOUNCED INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2024 SHOWING A DECLINE IN REVENUE AND PROFIT. Revenue decreased by 29.7% from RMB113,294 million to RMB79,663 million; profit for the period fell from RMB54,975 million to RMB47,174 million, a decrease of 14.2%. Core net profit fell more sharply by 59.4% to RMB16.598 million from RMB 40,920 million. Basic earnings per share also decreased from RMB2.54 to RMB2.17. Revenue from school-related supply chain businesses and integrated education services have both declined, but school-related supply chain businesses remain a stable source of revenue, the company said. The company will continue to provide quality educational services and explore the possibility of splitting the high school portion into an independent entity. In addition, the company sold a portion of the Glam Fund after the reporting period and does not plan to distribute an interim dividend.