TAL Education Group (NYSE: TAL) today announces its unaudited financial results for the first quarter of the 2021 fiscal year ended May 31, 2020. According to the report, the Group’s net revenues increased by 35.2% year-on-year to US$910.7 million from US$673.4 million in the same period of the 2020 fiscal year. The income from operations was US$35.5 million, a decrease of 26.8% year-on-year. Net income attributable to TAL was US$81.7 million, compared to net a loss of US$16.2 million in the same period of the prior year.
Meanwhile, the report shows that total student enrollments of normal-priced long-term courses increased by 72.1% year-on-year to approximately 2,956,380 from about 1,718,190 in the same period 2020FY. Moreover, TAL’s total physical network increased from 871 learning centers in 70 cities as of February 29, 2020, to 936 learning centers in 90 cities as of May 31, 2020.
“The first fiscal quarter revenue results were driven by a solid performance of online courses and the healthy business growth of Xueersi Peiyou,” said Luo Rong, TAL’s chief financial officer. “Our offline business may still face continued pressure caused by the COVID-19 outbreak, but as progress is made in containing the spread of COVID-19, we are working on the gradual resumption of our offline activities across different business segments.”