Bright Scholar Education Group(NYSE: BEDU) announced yesterday its unaudited financial results for the first fiscal quarter ended November 30, 2020. During the reporting period, the company's revenue was 1.052 billion yuan, a decrease of 4.2% year-on-year. The net income decreased by 6.6% to 191 million yuan, compared to 204 million yuan for the same period of the fiscal year 2020.
The results showed that the revenue of the domestic K-12 schools business, comprising international schools, bilingual schools, and kindergartens in China, increased by 10.9% to RMB742.4 million and accounted for 70.6% of the total revenue. The gross margin increased to 48.8% from 48.5%, and the operating margin increased to 38.2% from 37.4%. Plus, the average number of students increased by 11.7% to 54,318.
Revenue of Bright Scholar's overseas schools business amounted to 134.2 million yuan and accounted for 12.8% of the total revenue.
And the revenue of EdTech was 36.7 million yuan and accounted for 3.5% of the total, which is mainly due to its acquisition of Linstitute.
The company's wide range of complementary education services covering language training, overseas study counseling, camps, and study tours achieved a revenue of 138.2 million yuan, which accounted for 13.1% of the total revenue.
As of November 30, 2020, Bright Scholar's cash and cash equivalents and restricted cash were RMB1,697.2 million.
The company has revised its guidance for the 2021 fiscal year and expects its revenue to be in a range of RMB3.59 billion and RMB3.69 billion, representing year-on-year growth of 7% to 10%, and its average student enrollment in both domestic and overseas schools to be between approximately 56,000 and 57,000, representing a year-over-year increase of 8% to 10%
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