Rise Education Cayman, a junior English language training provider in China, has announced a second quarter 2020 net loss of ¥58 million (£6.4 million), compared to net income of ¥21.2 million reported for the second quarter of 2019. Revenue for the quarter was ¥165 million, down from ¥367.1 million reported for Q2 2019.
The Beijing-based company also reported results for the first six months of 2020. Its net loss for the period was ¥161.9 million, compared to net income of ¥57.6 million reported for the first six months of 2019. Revenue for the period slumped to ¥274 million, down from ¥702.1 million reported for the first six months of last year.
Rise Education Cayman chairwoman and chief executive Lihong Wang said: “After we weathered a challenging environment in the first quarter, we are very pleased to report significantly improved results. Our business recovery in the second quarter was strong and encouraging. The migration of our offline courses online in the quarter was a huge success. Our ability to swiftly transition our regular courses online and our ability to manage the concurrent operations of online and offline models underpinned our performance, and it has further proved that our platform is robust, reliable, and stable. The high attendance rate of our online courses has demonstrated the strength of our brand and customer loyalty. Our new student enrolments have shown a strong V-shaped recovery in the second quarter, thanks to the newly-developed channels and new marketing tools we adopted during the quarter, as well as innovative incentive schemes we provided to our sales team and our customers. We have seen the strong upward enrolment momentum continuing into the third quarter. We are well on track to implement our OMO strategy and I firmly believe that we are well-positioned to capture the tremendous opportunities ahead and emerge as a leading OMO educator in China.”
Date published: 2 September 2020