BRIEF: New Oriental Education’s profit surges

EDU.US 9901.HK

New Oriental Education & Technology Group Inc. (EDU.US; 9901.US) reported Wednesday that its revenue rose 30.5% to $1.44 billion in its fiscal first quarter through August, while its net profit increased 48.4% to $245 million.

The company said it benefited from revenue growth of 20.7% to 49.8% for its new educational, overseas study consulting and domestic test preparation businesses, adding it will strike a balance between healthy and sustainable growth, while improving profitability by enhancing efficiency. New Oriental’s Hong Kong-listed shares fell 11% to HK$44.5 in early Thursday morning trade.

By A. Au

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