(Image source: Visual China)
Recently, Bushelle Education announced its unaudited financial report for the second quarter of fiscal year 2024 ending February 29, 2024.
According to financial reports, Buscile's revenue for the second fiscal quarter was 521 million yuan, an increase of 17.2% compared with 445 million yuan in the same period last year.
In terms of revenue composition, during the reporting period, the revenue of Busilla Education's overseas schools increased 20.5% year on year to 248 million yuan, accounting for 47.7% of total revenue. Buscile Education said that the increase in this business was mainly due to the increase in the number of students and average tuition fees at overseas schools; due to the recovery of overseas academic guidance services, international competition training, etc., Busheera Education's supplementary education service revenue for the second fiscal quarter of fiscal year 2024 was 214 million yuan, up 19.5% year on year, accounting for 41% of total revenue; unlike the above two businesses, during the reporting period, Bushelle Education's revenue Revenue from domestic kindergartens and K12 operating services for education decreased by 1.5% year-on-year to 59 million yuan.
In the second fiscal quarter, Bushelle Education's gross profit was 162 million yuan, compared to 115 million yuan in the same period last year, an increase of 40.2% over the same period last year; gross margin also increased to 31% from 25.9% in the same period last year. In response, Zhang Hui, chief financial officer of Bushelle Education, stated in the financial report: “The increase in gross margin is mainly due to our optimization of the cost structure and the adoption of cost control measures.”
Financial reports revealed that during the reporting period, the total sales, general and administrative expenses of Busheile Education were 147 million yuan, a decrease of 5.8% compared with 156 million yuan in the same period last year.
During the reporting period, Buscile Education's net profit was RMB 2.893 million, which turned a loss into a profit compared to a loss of RMB 508.32 million in the same period of the previous year; during the reporting period, Bushile Education's adjusted net profit was RMB 7.056 million, while the adjusted net loss for the same period of the previous fiscal year was RMB 477.85 million.
The net loss attributable to common shareholders from basic and diluted net income was RMB 0.02, while in the same quarter of the previous fiscal year, the basic net loss and diluted net loss per common share were both RMB 0.42.
In the financial report, Niu Ruolei, CEO of Bushile Education, said that in the second quarter, overseas schools and supplementary education service businesses all achieved double-digit year-on-year growth, achieving profits for the second consecutive quarter, compared with a net loss for the same period of the previous fiscal year. At the same time, the utilization rate of facilities and teaching resources will be further improved, and operations in the UK will be strengthened.