Rise Education Cayman, a junior English language training provider in China, has announced third-quarter 2020 net income of ¥29.4 million (£3.4 million), down from net income of ¥37.2 million reported for the third quarter of 2019. Revenue for the quarter was ¥320 million, down from ¥411.1 million reported for Q3 2019.
The Beijing-based company also reported results for the first nine months of 2020. Its net loss for the period was ¥144.8 million, compared to net income of ¥95.2 million reported for the first nine months of 2019. Revenue for the period slumped to ¥594 million, down from ¥1.11 billion reported for the first nine months of last year.
Rise Education Cayman chairwoman and chief executive Lihong Wang said; “Our quarterly results continued to improve with a set of solid operational metrics as our business experienced robust recovery while emerging from the impact of Covid-19. As of date, our operations have generally returned to pre-pandemic ‘normal’. All of Rise’s self-owned learning centres had been reopened by the end of September. We have received very positive feedback from parents who are keen for their children to return to regular classrooms, as soon as offline classes are allowed to resume. Our financial performance improved substantially, with quarterly revenue nearly doubling from the prior quarter.
“Disciplined cost management and a well-planned marketing strategy put expenses well under control and helped the company turn profitable in the third quarter, fuelled by strong growth momentum. Looking ahead, we expect the adverse impact of Covid -19 on our business to linger for a longer time and more challenges are still ahead of us. However, we remain very optimistic about the direction of our company, as we have seen a clear path to recovery and are excited about the long-term growth opportunities that lie ahead.”
Date published: 16 November 2020