For-profit universities and colleges group Laureate Education has announced a second-quarter 2020 net loss of $311.6 million, compared to net income of $779.6 million reported for the second quarter of 2019.
Revenue for the quarter was $791.7 million, down 20% from $992.4 million reported for the second quarter of 2019.
The Baltimore, Maryland company also reported results for the first six months of 2020. Its net loss for the period was $213.3 million, compared to net income of $973.9 million reported for the first six months of 2019.
Revenue for the six-month period was $1.32 billion, down from $1.59 billion reported for the first six months of 2019.
Laureate Education chief executive Eilif Serck-Hanssen said: “Despite the Covid-19 pandemic, Laureate delivered a solid second quarter with adjusted EBITDA results that were ahead of expectations in large part due to tight cost controls and the acceleration of productivity initiatives. Our total enrolment base remains relatively stable, our liquidity position is strong, and we have seen a reversal in some of the FX headwinds that we were facing in the early stages of this pandemic. The past five months have demonstrated the resiliency of Laureate’s business model, enabled by our ability to deliver innovative and high-quality educational offerings at affordable prices.
“We remain committed to our strategic review process as evidenced by our announcement last week to sell our Australia and New Zealand businesses at a highly accretive multiple.”
Date published: 6 August 2020