Ambow Q3 2010 Profit Reaches USD 12 Mln
PRNewswire, 11/16/10
Chinese education service firm Ambow Education Group (NYSE: AMBO) has announced its unaudited financial results for the third quarter and nine months ended September 30, 2010. Total net revenues in the third quarter of 2010 were USD 48.7 mln, increasing 78.9% year-over-year from USD 27.2 mln in the third quarter of 2009. Total net revenues in the first nine months of 2010 were USD 147.2 mln, increasing 80.5% year-over-year from USD 81.5 mln in the same period in 2009.
Net income attributable to Ambow's ordinary shareholders in Q3 2010 was RMB 78.49 mln (USD 11.73 mln) compared to a net loss of RMB 50.93 mln (USD 7.61 mln) in Q3 2009. Net loss attributable to Ambow's ordinary shareholders for the first nine months of 2010 was RMB 24.34 mln (USD 3.64 mln), compared to a net loss of RMB 139.54 mln (USD 20.86 mln) in the first nine months of 2010.
For Q3 2010, revenue from Better Schools K-12 classroom-based and web-based training programs increased to USD 31.8 mln, of which, Tutoring and K-12 Schools accounted for USD 24.3 mln and USD 7.5 mln of total net revenues, respectively. Better Jobs IT services and digital media career training programs increased to USD 16.9 mln of which, Career Enhancement and Colleges accounted for USD 11.6 mln and USD 5.3 mln of total net revenues, respectively, in the third quarter of 2010.
For the first nine months of 2010, revenue from Better Schools increased to USD 97.4 mln, of which, Tutoring and K-12 Schools accounted for USD 71.2 mln and USD 26.2 mln of total net revenues, respectively. Revenue from Better Jobs increased to USD 49.8 mln, of which, Career Enhancement and Colleges accounted for USD 27.5 mln and USD 22.3 mln of total net revenues, respectively, in the first nine months of 2010.
Ambow expects total net revenues in the fourth quarter of 2010 to be in the range of USD 55.3 mln (RMB 370.0 mln) to USD 58.3 mln (RMB 390.0 mln).
To view Ambow's full earnings report, please click here.
Keywords: education Internet profit revenue training Ambow Q3 2010 online education fiscal report guidance
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