Graham Holdings, the diversified conglomerate that owns education services company Kaplan, has announced net income of $18.9 million for the second quarter of 2020, down 67% from the $57.2 million reported for the second quarter of 2019. Operating revenue for the quarter was $652.9 million, down 11% on the $737.6 million reported for the second quarter of 2019.

Second-quarter operating income for the company’s education division was $12.3 million, down by 53% from £26.3 million reported for Q2 2019. Operating revenue for the division in the quarter was $333.2 million, down by 9% on the $367.8 million reported for Q2 2019.

Graham Holdings also reported its results for the first six months of 2020. Its net loss for the period was $15 million, compared to net income of $138.9 million reported for the first six months of 2019. Operating revenue for the period was $1.385 billion, down 3% on the $1.43 billion reported for the first six months of 2019.

Operating income for the first six months of 2020 for the company’s education division was $16.9 million, down by 67% from the $51.9 million reported for the first six months of 2019. Operating revenue for the six-month period was $689.6 million, down by 7% on the $740.2 million reported for the first six months of 2019.

Graham Holdings is based in Arlington, Virginia.

Date published: 6 August 2020

Continue reading

Subscribe to get unlimited digital access.

Subscribe

Already a subscriber? Login