BEIJING (dpa-AFX) - China's after-school tutoring services provider TAL Education Group (TAL) Tuesday reported a net loss for the fourth quarter, reflecting higher expenses and an impairment charge, despite higher revenues.
The Group reported a net loss attributable to the company of $90 million or 45 cents a share, compared to a net profit of $98.3 million or 50 cents a share last year. On a non-GAAP basis, net loss per ADS, which excluded share-based compensation expenses, was 10 cents, versus profit per ADS of 20 cents last year.
Loss from operation for the period totaled $41.3 million, compared to income from operations of $114.7 million a year ago. During the quarter, operating costs and expenses surged 47 percent to $899.3 million, while non-GAAP operating costs and expenses, which excluded share-based compensation expenses, grew 46.9 percent to $866.5 million.
Net revenues for the fourth quarter grew by 18.0 percent to $857.7 million from $726.6 million, mainly driven by 56.6 percent growth in total student enrollments of normal priced long-term course.
Looking ahead, TAL expects net revenues for the first quarter in the range of $875.4 million - $895.6 million, representing an increase of 30 - 33 percent year-over-year.
Copyright RTT News/dpa-AFX
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