BEIJING (dpa-AFX) - New Oriental Education & Technology Group Inc. (EDU), a Chinese provider of private educational services, on Tuesday reported an increase in revenue for the second quarter.
For the three-month period to November 30, the Group posted net income of $31.931 million, lesser than $30.066 million recorded for the same period of the previous year. Income per share was flat at $0.02.
Excluding items, income was $35.541 million, or $0.02 per share, compared with $50.158 million, or $0.03 per share, a year ago. Analysts, on average, had expected the firm to post earnings of $0.3 per share for the quarter. Analysts' estimates typically exclude special items.
Earnings per American Depository Share, or ADS, were $0.19, compared with the previous year's $0.18 per ADS. Excluding items, income per ADS stood at $0.22 per share, lower than $0.29 per ADS in the prior year period.
Revenue was $1.038 billion, up from $869.600 million a year ago. Revenue, excluding East Buy private label products and live streaming business, was $894.2 million, up 31.3 percent from last year. The growth was mainly driven by the increase in the net revenues from the company's educational new business initiatives.
Analysts, on average, were expecting the company to earn $1.03 billion, for the quarter.
Looking ahead to the third quarter, New Oriental expects revenue, excluding revenue from East Buy private label products and live streaming business, to be in the range of $1.007 billion to $1.032 billion. Analysts expect the company to post revenue of $1.3 billion for the quarter.
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