One on One Educational Services has reported a higher nine-month profit despite a slight decline in revenue, citing stronger margins and disciplined cost management.
For the nine months ended May 31, the company recorded net profit of $64.1 million, up 16.4 per cent compared with the corresponding period last year.
However, revenue slipped 3.6 per cent to $260.7 million as the company continued its shift toward higher margin platform-based services.
For the third quarter alone, performance weakened with net profit declining 37.4 per cent to $23 million.
Management attributed the quarterly decline mainly to a provisional inventory write-down, which also contributed to a reduction in quarterly gross profits.
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