First High-School Education Group Provides Details on Its First Half 2021 Unaudited Financial Results
29 Septiembre 2021 - 8:56AM
Business Wire
First High-School Education Group Co., Ltd. ("First High-School
Education Group" or the "Company") (NYSE: FHS), the largest
operator of private high schools in Western China and the third
largest operator in China, provides additional details concerning
its net loss on its unaudited financial results for the six months
ended June 30, 2021.
The net loss in the first half of 2021 was RMB3.8 million
(US$0.6 million) compared to a net income of RMB31.9 million in the
same period of 2020. The decrease in net income was due to certain
one-off and non-recurring expenses, including: (1) Professional
expense of approximately RMB10.0 million with the Company’s initial
public offering; (2) Debt restructuring related expenses of
approximately RMB7.3 million; (3) one-off option granted to a
strategic investor and consultant of RMB15.0million; (4) The
acquisition related expense of approximately RMB4.3 million; (5)
The accrual revenues of RMB9.6 million from government for the
relevant cooperative arrangements.
Excluded the above non-recurring expenses, the Company’s
comparable net income was approximately RMB42.2 million, an
increase of 32.8% from RMB31.9 million in the same period of
2020.
The senior management of the Company, commented: "Facing tough
regulatory environment, we remain committed to driving rapid growth
with further operation expansion while improving utilization rate
for our existing schools. As of September 1, 2021, we are running
36 school programs with a total of over 35,000 students across
Yunnan province, Guizhou province, Shanxi province, Shaanxi
province, Inner Mongolia Autonomous Region, Sichuan province and
Chongqing, with a utilization rate of 62.3%, compared to 55.3% as
of December 31, 2020. In the meanwhile, we continued to invest
heavily in technology and education quality to provide premium and
authentic educational services to satisfy each student and parent
we serve. We believe that the education market in China will
continue to see steady growth and that the current education
companies will play a very important role in the education sector.
We are highly confident in the market opportunities for China's
private high school and Gaokao repeaters school programs and
believe that our company will reach potential beyond our
responsibilities and mission.”
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version on businesswire.com: https://www.businesswire.com/news/home/20210929005612/en/
Yi Liu First High-School Education Group Co., Ltd. Email:
FHS_info@dygz.com Phone: 010-62555966 (9:30-12:00, 13:30-16:00
CST)
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