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New Oriental Education sees profit down 3.7% in Q3 FY2012

Apr. 19, 2012 (China Knowledge) - New Oriental Education & Technology Group Inc<EDU>, a leading provider of educational services in China, earned US$22.4 million in net profit attributable to shareholders in the third quarter of fiscal year 2012 ended Feb. 29, 2012, reflecting a year-on-year decline of 3.7% from US$23.3 million.

In the reporting period, the U.S.-listed firm's non-GAAP net profit attributable to shareholders, however, grew by 5.3% from a year earlier to US$28 million.

Basic earnings per American Depositary Share were US$0.14, compared with non-GAAP basic earnings per ADS of US$0.18. Each ADS represents one common share.

In the three months ended Feb. 29, 2012, the company saw its total revenue reach US$174.5 million, up 31.7% year on year from US$132.5 million. A special dividend of US$0.30 per ADS was declared.

At the end of February 2012, the education service provider had US$408 million in cash, whereas it had US$379.2 million as of Nov. 30, 2011.

New Oriental Education also expects its total revenue for the fourth quarter of fiscal year 2012, starting from Mar. 1, 2012 to May 31, 2012, to be in the range of US$182.7 million to US$189.6 million, reflecting a year-on-year increase of 33% to 38%.

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