Four Seasons Education (Cayman), the Shanghai-based after-school maths education provider for elementary school students has reported a net loss of ¥11.5 million (£1.3 million) for the first quarter of its 2021 fiscal year, ending 31 May 2020. This compares to net income of ¥4.2 million reported for the first quarter of fiscal year 2020.
Revenue for the quarter was ¥58.7 million, down from ¥85.6 million reported for the first quarter of fiscal year 2020.
The number of Four Seasons’ learning centres was 50 at the end of May, compared with 52 a year earlier, and total student enrolment was 44,634, compared with 69,100 a year earlier, primarily due to the impact of Covid-19, the company reported.
Four Seasons Education director and chief executive Yi (Joanne) Zuo said: “In the first quarter of fiscal 2021, amid the ongoing outbreak of the Covid-19, we have been diligently operating our online classes while preparing ourselves for the market recovery. During this quarter, most of our courses were delivered online as offline classes only started to resume in late May. In addition to academic subject tutoring courses, we have also converted some of our interest-based courses online to provide more options for our students. With the growth of our online operation, we made a strategic investment in Fuxi Network, an online education and training service provider, to further strengthen our online capability in building a comprehensive online-merging-offline model.
“While the spread of the pandemic has generally been under control in China, currently, over 90% of our existing learning centres have resumed offline classes after obtaining approvals from government authorities who have reviewed and evaluated the compliance status of our facilities. We have implemented strict sanitary and disinfection measures to protect students’ health and safety when studying at our learning centres. Furthermore, we are privileged to have been selected again as an organiser of Trusted Summer Childcare to provide a superior environment and fulfilling summer experience for kids. Our organisation of this programme is a testament to our best-in-class education, well-equipped facilities, and high-standard operation of learning centres.”
Date published: 20 August 2020