ChinaEdu Q1 2010 Profit Down 24% YoY
PRNewswire-Asia, 5/25/10
Chinese education services provider ChinaEdu (Nasdaq: CEDU) has announced its unaudited financial results for the first quarter ended March 31, 2010, with net revenue up 7.5% YoY to reach USD 12.78 mln.
Net income attributable to ChinaEdu for the quarter fell 24.4% YoY to USD 1.06 mln.
Net revenue from online degree programs for the first quarter of 2010 was USD 10.0 mln, up 4.2% YoY. Enrollment for the 2009 fall semester online degree programs registered over 140,000 revenue students, which represented an increase of 18.6% YoY.
By the end of the first quarter of 2010, ChinaEdu had 62 operational learning centers of which 24 were proprietary and 38 were contracted locations, as compared to 49 operational learning centers as of the end of the first quarter of 2009, of which 20 were proprietary and 29 were contracted locations. ChinaEdu's learning centers network is now serving a total of 17 universities' online degree programs.
Net revenue from ChinaEdu's non-online degree programs (online tutoring programs, private primary and secondary schools and international curriculum programs) for the first quarter of 2010 was USD 2.7 mln, up 21.8% YoY.
For the second quarter of 2010, ChinaEdu expects its total net revenue to be in the range of RMB 91 mln to RMB 97 mln or (USD 13.3 mln to USD 14.2 mln).
To see ChinaEdu's full earnings report, please click here.
Keywords: online education Internet profit revenue ChinaEdu CEDU Q1 2010 fiscal report
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