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New Oriental Education's profit soars 80.5% in Q2 2012

Jan. 18, 2012 (China Knowledge) - New Oriental Education & Technology Group Inc<EDU>, a leading provider of educational services in China, has posted US$3.3 million-net profit attributable to shareholders for the second quarter of fiscal year 2012 ended November 30, 2011, reflecting a year-on-year increase of 80.5% from US$1.8 million.

On a non-GAAP basis, the U.S.-listed firm's net income attributable to shareholders rose by 46% year on year from US$5.2 million to US$7.5 million.

In the reporting period, the company reaped US$132 million in operating revenue, up 38% year on year from US$95.7 million.

Basic and diluted earnings per American Depositary Share were US$0.02, while non-GAAP basic and diluted earnings per ADS were US$0.05. Each ADS represents one common share.

As of November 30, 2011, New Oriental Education & Technology had US$379.2 million in cash, compared with US$398.4 million it had at the end of August last year.

The company also expects its operating revenue for the third quarter of fiscal year 2012, ended Feb. 29, 2012, to be in the range of US$168.3 million to US$176.2 million, representing an increase range between 27% and 33%.

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