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New Oriental (NYSE: EDU and SEHK: 9901), a provider of private educational services in China, announced Tuesday its unaudited financial results for the six months ended November 30, 2021 and provided business updates.
Over the six months, New Oriental reported $1.96 billion in net revenues, compared with $1.87 billion in the same period of the prior year, and $876 million in net loss attributable to New Oriental, compared with a $229 million net income over the same period a year earlier.
The company explained the cessation of K-9 academic tutoring services across all of its learning centers in China, which contributed a large portion to its total revenues, has had a substantial adverse impact on the revenues for the six months.
For the next step, New Oriental said it has shifted and will continue to shift its focus towards educational products and services that are not related to K-9 academic after-school tutoring services, such as test preparation courses, language training courses for adults and educational materials, and explore other business opportunities by leveraging its brand recognition and educational resources accumulated over its operating history.