Bright Scholar(NYSE: BEDU), a leading operator of international and bilingual schools in China, recently released its unaudited financial report for the third quarter of the fiscal year 2020. During the reporting period, Bright Scholar has achieved revenue of RMB 739.4 million, representing an increase of 6.7% year-on-year. And its gross profit margin was 39.5%, a year-on-year decrease of 6.4%.
According to the report, Bright Scholar’s net profit in Q3 2020FY was 68 million yuan, a year-on-year decrease of 50.5%, which is due to the closure of schools, kindergartens, and learning centers amid the epidemic.
The cost of revenue for the quarter was RMB447.4 million, representing a 19.4% increase from RMB374.8 million for the same period of the last fiscal year. Moreover, total SG&A expenses for the quarter were RMB166.3 million, an increase of 9.4% year-on-year.
Besides, during the past nine months ended May 31st, 2020, the revenue was RMB2,714.4 million, with a 46.6% increase from the same period of the last fiscal year. Gross margin was 39.5% for the nine months, a decrease of 1.8% year-on-year. As of May 31st, 2020, Bright Scholar’s total assets reached 10.386 billion yuan, compared with 7.788 billion yuan in the same period last year.
Bright Scholar states that new products and services will be launched to improve its competitiveness in this summer. Although COVID-19 has brought many uncertainties, the company’s long-term goals and strategies remain unchanged, and it is expected that most of Bright Scholar’s businesses will rebound after the epidemic.