Shanghai-based after-school K12 education services provider OneSmart International Education Group has reported a net loss of ¥167.7 million (£18.7 million) for the first quarter of its 2021 fiscal year ending 30 November 2020, compared to a net loss of ¥109.7 million reported for Q1 2020.

Revenue for the quarter was ¥684.8 million, down 14.1% from ¥797.2 million reported for the first quarter of 2020.

The company reported that it now operates 470 learning centres, increased from 434 learning centres a year earlier.

OneSmart chairman and chief executive Steve Zhang said: “We are delighted to report a good start in fiscal 2021. All the key metrics are recovering, and the year-over-year comparison gaps are further narrowing. With the consumption upgrade in China’s education sector, the premium K12 after-school education sector is an enormous underserved market. We will continue to leverage our resourceful platform and our innovative products and services to capture the growth opportunities. As a leading premium tutoring service provider, we are confident to expand our market share in this fast-growing sector and to achieve ¥10 billion in cash sales by 2023.”

Date published: 2 March 2021

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