Raffles Education Co Ltd
SGX:NR7
Income Statement
Earnings Waterfall
Raffles Education Co Ltd
Income Statement
Raffles Education Co Ltd
| Jun-2003 | Sep-2003 | Dec-2003 | Mar-2004 | Jun-2004 | Sep-2004 | Dec-2004 | Mar-2005 | Jun-2005 | Sep-2005 | Dec-2005 | Mar-2006 | Jun-2006 | Sep-2006 | Dec-2006 | Mar-2007 | Jun-2007 | Sep-2007 | Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Jun-2020 | Dec-2020 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Dec-2022 | Jun-2023 | Dec-2023 | Jun-2024 | Dec-2024 | Jun-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
14
|
0
|
0
|
0
|
11
|
0
|
0
|
0
|
16
|
0
|
0
|
0
|
9
|
0
|
0
|
0
|
12
|
0
|
0
|
0
|
13
|
0
|
0
|
0
|
15
|
0
|
0
|
0
|
13
|
0
|
0
|
0
|
16
|
0
|
0
|
0
|
17
|
0
|
0
|
15
|
0
|
17
|
0
|
0
|
0
|
19
|
0
|
20
|
0
|
20
|
0
|
0
|
|
| Revenue |
19
N/A
|
22
+13%
|
24
+12%
|
27
+12%
|
32
+18%
|
36
+11%
|
40
+11%
|
43
+9%
|
59
+37%
|
69
+16%
|
78
+13%
|
88
+14%
|
90
+2%
|
97
+8%
|
104
+8%
|
110
+6%
|
124
+12%
|
136
+10%
|
148
+9%
|
169
+14%
|
190
+13%
|
204
+7%
|
219
+7%
|
220
+0%
|
202
-8%
|
200
-1%
|
193
-3%
|
188
-3%
|
188
0%
|
179
-5%
|
173
-3%
|
166
-4%
|
158
-5%
|
148
-6%
|
139
-6%
|
137
-1%
|
131
-5%
|
131
+0%
|
132
+0%
|
127
-3%
|
128
+1%
|
126
-2%
|
125
-1%
|
124
0%
|
127
+2%
|
123
-3%
|
122
-1%
|
122
+0%
|
120
-2%
|
120
0%
|
119
-1%
|
114
-4%
|
111
-3%
|
107
-4%
|
102
-5%
|
99
-2%
|
96
-3%
|
96
-1%
|
96
+0%
|
96
0%
|
97
+1%
|
96
-1%
|
97
+1%
|
98
+1%
|
98
+0%
|
100
+3%
|
101
+1%
|
100
-1%
|
149
+48%
|
98
-34%
|
121
+24%
|
103
-15%
|
129
+26%
|
105
-18%
|
106
+1%
|
111
+5%
|
114
+3%
|
112
-1%
|
112
0%
|
112
0%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(13)
|
(14)
|
(15)
|
(17)
|
(20)
|
(23)
|
(26)
|
(29)
|
(39)
|
(44)
|
(48)
|
(54)
|
(55)
|
(59)
|
(64)
|
(67)
|
(71)
|
(76)
|
(82)
|
(94)
|
(107)
|
(79)
|
(81)
|
(142)
|
(132)
|
(138)
|
(156)
|
(125)
|
(116)
|
(115)
|
(114)
|
(112)
|
(146)
|
(141)
|
(138)
|
(141)
|
(99)
|
(104)
|
(155)
|
(97)
|
(153)
|
(157)
|
(140)
|
(145)
|
(85)
|
(115)
|
(124)
|
(119)
|
(114)
|
(107)
|
(106)
|
(105)
|
(109)
|
(102)
|
(99)
|
(98)
|
(102)
|
(96)
|
(96)
|
(95)
|
(104)
|
(99)
|
(101)
|
(101)
|
(103)
|
(98)
|
(94)
|
(102)
|
(139)
|
(105)
|
(94)
|
(113)
|
(137)
|
(127)
|
(129)
|
(135)
|
(83)
|
(116)
|
(103)
|
(131)
|
|
| Selling, General & Administrative |
(13)
|
(14)
|
(15)
|
(17)
|
(21)
|
(23)
|
(26)
|
(29)
|
(40)
|
(45)
|
(48)
|
(55)
|
(56)
|
(51)
|
(47)
|
(41)
|
(31)
|
(32)
|
(34)
|
(36)
|
(37)
|
(40)
|
(42)
|
(44)
|
(51)
|
(54)
|
(55)
|
(57)
|
(56)
|
(61)
|
(62)
|
(63)
|
(61)
|
(63)
|
(68)
|
(71)
|
(55)
|
(65)
|
(64)
|
(64)
|
(57)
|
(65)
|
(61)
|
(60)
|
(59)
|
(61)
|
(61)
|
(58)
|
(46)
|
(51)
|
(51)
|
(50)
|
(43)
|
(48)
|
(47)
|
(46)
|
(40)
|
(46)
|
(46)
|
(46)
|
(43)
|
(47)
|
(48)
|
(48)
|
(44)
|
(49)
|
(47)
|
(42)
|
(62)
|
(42)
|
(52)
|
(43)
|
(54)
|
(44)
|
(44)
|
(43)
|
(42)
|
(43)
|
(45)
|
(49)
|
|
| Depreciation & Amortization |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
(8)
|
(13)
|
(15)
|
(16)
|
(17)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(16)
|
(16)
|
(16)
|
(16)
|
(16)
|
(16)
|
(20)
|
(19)
|
(19)
|
(19)
|
(15)
|
(15)
|
(15)
|
(15)
|
(16)
|
(14)
|
(12)
|
(11)
|
(11)
|
(10)
|
(12)
|
(12)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
(13)
|
(14)
|
(14)
|
(14)
|
(14)
|
(15)
|
(16)
|
(25)
|
(18)
|
(23)
|
(19)
|
(24)
|
(20)
|
(20)
|
(20)
|
(20)
|
(18)
|
(18)
|
(18)
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
(7)
|
(16)
|
(24)
|
(36)
|
(39)
|
(43)
|
(51)
|
(57)
|
(25)
|
(23)
|
(81)
|
(66)
|
(69)
|
(86)
|
(52)
|
(45)
|
(38)
|
(36)
|
(33)
|
(69)
|
(61)
|
(54)
|
(55)
|
(24)
|
(20)
|
(72)
|
(15)
|
(81)
|
(77)
|
(64)
|
(71)
|
(10)
|
(40)
|
(51)
|
(50)
|
(57)
|
(46)
|
(44)
|
(43)
|
(55)
|
(43)
|
(42)
|
(42)
|
(51)
|
(39)
|
(39)
|
(39)
|
(49)
|
(39)
|
(39)
|
(38)
|
(45)
|
(35)
|
(32)
|
(44)
|
(52)
|
(45)
|
(19)
|
(51)
|
(59)
|
(63)
|
(65)
|
(73)
|
(21)
|
(55)
|
(40)
|
(64)
|
|
| Operating Income |
6
N/A
|
7
+21%
|
9
+25%
|
11
+17%
|
12
+11%
|
13
+9%
|
14
+7%
|
15
+6%
|
21
+37%
|
25
+21%
|
29
+19%
|
34
+16%
|
35
+2%
|
37
+7%
|
40
+7%
|
43
+8%
|
53
+22%
|
60
+14%
|
67
+11%
|
75
+13%
|
84
+11%
|
125
+49%
|
138
+10%
|
77
-44%
|
70
-9%
|
63
-11%
|
37
-40%
|
64
+70%
|
72
+13%
|
64
-11%
|
59
-7%
|
54
-8%
|
12
-79%
|
7
-35%
|
2
-78%
|
(4)
N/A
|
33
N/A
|
27
-17%
|
(23)
N/A
|
30
N/A
|
(25)
N/A
|
(31)
-25%
|
(16)
+49%
|
(21)
-34%
|
42
N/A
|
9
-80%
|
(2)
N/A
|
3
N/A
|
6
+111%
|
12
+97%
|
13
+4%
|
9
-28%
|
2
-82%
|
5
+182%
|
3
-47%
|
1
-49%
|
(6)
N/A
|
0
N/A
|
0
+45%
|
1
+288%
|
(8)
N/A
|
(3)
+57%
|
(4)
-38%
|
(3)
+26%
|
(5)
-41%
|
2
N/A
|
8
+249%
|
(1)
N/A
|
10
N/A
|
(7)
N/A
|
27
N/A
|
(11)
N/A
|
(8)
+29%
|
(21)
-182%
|
(23)
-8%
|
(25)
-7%
|
31
N/A
|
(3)
N/A
|
9
N/A
|
(20)
N/A
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
1
|
0
|
1
|
1
|
10
|
(2)
|
(5)
|
5
|
(2)
|
(5)
|
(8)
|
(1)
|
(9)
|
(10)
|
(9)
|
(14)
|
65
|
66
|
77
|
99
|
(59)
|
6
|
10
|
(10)
|
53
|
48
|
33
|
76
|
45
|
74
|
77
|
35
|
16
|
10
|
4
|
(0)
|
26
|
20
|
23
|
23
|
9
|
1
|
3
|
2
|
52
|
52
|
49
|
47
|
1
|
(3)
|
1
|
(3)
|
(3)
|
5
|
(5)
|
(16)
|
(18)
|
7
|
29
|
24
|
(36)
|
(19)
|
(22)
|
29
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
12
|
0
|
0
|
19
|
38
|
0
|
7
|
0
|
0
|
0
|
0
|
0
|
0
|
6
|
0
|
6
|
16
|
(52)
|
0
|
(52)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
1
|
0
|
1
|
1
|
(2)
|
(2)
|
(10)
|
(10)
|
31
|
29
|
37
|
(2)
|
26
|
33
|
0
|
39
|
39
|
37
|
0
|
(1)
|
(1)
|
0
|
(1)
|
(0)
|
|
| Total Other Income |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
(4)
|
(33)
|
(5)
|
(2)
|
(2)
|
0
|
(2)
|
(2)
|
(2)
|
(2)
|
0
|
0
|
(1)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(2)
|
(2)
|
0
|
(1)
|
(0)
|
(0)
|
0
|
(0)
|
(1)
|
(2)
|
0
|
0
|
2
|
(1)
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
(0)
|
0
|
(0)
|
0
|
(0)
|
|
| Pre-Tax Income |
6
N/A
|
7
+22%
|
9
+25%
|
11
+19%
|
12
+11%
|
13
+9%
|
14
+7%
|
15
+6%
|
20
+37%
|
25
+22%
|
29
+18%
|
34
+16%
|
35
+2%
|
37
+7%
|
40
+8%
|
43
+8%
|
54
+24%
|
60
+12%
|
67
+12%
|
76
+13%
|
105
+39%
|
122
+16%
|
133
+9%
|
96
-28%
|
73
-24%
|
53
-27%
|
33
-37%
|
59
+79%
|
63
+7%
|
52
-17%
|
48
-8%
|
38
-20%
|
77
+99%
|
79
+3%
|
78
-1%
|
101
+29%
|
(10)
N/A
|
(18)
-76%
|
(13)
+28%
|
(31)
-137%
|
28
N/A
|
18
-38%
|
17
0%
|
54
+211%
|
87
+60%
|
83
-5%
|
75
-9%
|
38
-49%
|
22
-42%
|
23
+2%
|
17
-26%
|
9
-46%
|
28
+203%
|
25
-10%
|
26
+4%
|
25
-5%
|
4
-85%
|
1
-81%
|
3
+367%
|
3
-4%
|
42
+1 247%
|
47
+10%
|
33
-29%
|
32
-2%
|
28
-14%
|
30
+6%
|
47
+60%
|
(7)
N/A
|
33
N/A
|
30
-10%
|
22
-25%
|
12
-46%
|
14
+12%
|
22
+66%
|
6
-72%
|
(2)
N/A
|
(6)
-235%
|
(23)
-262%
|
(14)
+38%
|
9
N/A
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(0)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(2)
|
(2)
|
(1)
|
(2)
|
(3)
|
(3)
|
(4)
|
(4)
|
(6)
|
(7)
|
(7)
|
(8)
|
(21)
|
(19)
|
(19)
|
(19)
|
(8)
|
(9)
|
(8)
|
(9)
|
(25)
|
(25)
|
(25)
|
(43)
|
(62)
|
(50)
|
(50)
|
(32)
|
7
|
8
|
8
|
(6)
|
(28)
|
(21)
|
(19)
|
(4)
|
(3)
|
(3)
|
(2)
|
(1)
|
(8)
|
(8)
|
(8)
|
(8)
|
(3)
|
(5)
|
(5)
|
(5)
|
(20)
|
(19)
|
(19)
|
(15)
|
13
|
13
|
18
|
(7)
|
(10)
|
(13)
|
(16)
|
(25)
|
(26)
|
(15)
|
(1)
|
(7)
|
(7)
|
(1)
|
(4)
|
(4)
|
|
| Income from Continuing Operations |
6
|
7
|
8
|
9
|
10
|
11
|
12
|
12
|
18
|
21
|
25
|
30
|
33
|
35
|
39
|
42
|
51
|
57
|
63
|
72
|
99
|
115
|
126
|
89
|
52
|
34
|
14
|
40
|
56
|
44
|
40
|
29
|
51
|
54
|
53
|
58
|
(72)
|
(68)
|
(64)
|
(63)
|
35
|
26
|
25
|
48
|
59
|
62
|
56
|
34
|
19
|
20
|
15
|
8
|
20
|
17
|
18
|
17
|
0
|
(4)
|
(2)
|
(1)
|
23
|
28
|
14
|
17
|
41
|
42
|
65
|
(14)
|
23
|
17
|
7
|
(13)
|
(12)
|
8
|
5
|
(9)
|
(13)
|
(24)
|
(18)
|
4
|
|
| Income to Minority Interest |
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(3)
|
(3)
|
(1)
|
0
|
1
|
2
|
(1)
|
(0)
|
(0)
|
(1)
|
(3)
|
(3)
|
(2)
|
(1)
|
(9)
|
(7)
|
(8)
|
(11)
|
8
|
3
|
2
|
5
|
(8)
|
(6)
|
(5)
|
(8)
|
(3)
|
(3)
|
(2)
|
0
|
(2)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(2)
|
(2)
|
(2)
|
(2)
|
(12)
|
(12)
|
(12)
|
(12)
|
(1)
|
(1)
|
(1)
|
(2)
|
(4)
|
(0)
|
0
|
3
|
3
|
2
|
2
|
4
|
3
|
5
|
4
|
3
|
|
| Net Income (Common) |
5
N/A
|
7
+21%
|
8
+24%
|
9
+15%
|
10
+9%
|
11
+10%
|
12
+7%
|
13
+7%
|
18
+40%
|
21
+19%
|
25
+17%
|
29
+19%
|
32
+10%
|
35
+7%
|
38
+10%
|
41
+7%
|
49
+20%
|
55
+11%
|
60
+11%
|
69
+14%
|
99
+44%
|
116
+17%
|
126
+9%
|
90
-28%
|
51
-43%
|
34
-34%
|
14
-59%
|
39
+187%
|
53
+34%
|
41
-22%
|
38
-8%
|
28
-25%
|
42
+48%
|
49
+17%
|
49
-1%
|
47
-4%
|
(77)
N/A
|
(80)
-4%
|
(79)
+2%
|
(72)
+9%
|
27
N/A
|
20
-25%
|
21
+5%
|
40
+92%
|
55
+37%
|
59
+6%
|
53
-9%
|
34
-36%
|
17
-50%
|
17
+1%
|
12
-33%
|
5
-60%
|
16
+245%
|
13
-16%
|
15
+10%
|
13
-10%
|
(2)
N/A
|
(6)
-224%
|
(4)
+41%
|
(4)
-7%
|
11
N/A
|
16
+47%
|
2
-88%
|
5
+177%
|
40
+666%
|
42
+3%
|
64
+54%
|
(16)
N/A
|
19
N/A
|
16
-15%
|
7
-58%
|
(11)
N/A
|
(9)
+15%
|
10
N/A
|
7
-25%
|
(5)
N/A
|
(9)
-79%
|
(19)
-103%
|
(14)
+29%
|
8
N/A
|
|
| EPS (Diluted) |
0.01
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0.01
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0.02
N/A
|
0.02
N/A
|
0.03
+50%
|
0.04
+33%
|
0.04
N/A
|
0.04
N/A
|
0.04
N/A
|
0.04
N/A
|
0.06
+50%
|
0.06
N/A
|
0.07
+17%
|
0.08
+14%
|
0.1
+25%
|
0.12
+20%
|
0.13
+8%
|
0.09
-31%
|
0.05
-44%
|
0.03
-40%
|
0.01
-67%
|
0.04
+300%
|
0.05
+25%
|
0.04
-20%
|
0.03
-25%
|
0.02
-33%
|
0.04
+100%
|
0.05
+25%
|
0.05
N/A
|
0.05
N/A
|
-0.06
N/A
|
-0.07
-17%
|
-0.07
N/A
|
-0.07
N/A
|
0.02
N/A
|
0.01
-50%
|
0.01
N/A
|
0.03
+200%
|
0.05
+67%
|
0.05
N/A
|
0.05
N/A
|
0.03
-40%
|
0.02
-33%
|
0.01
-50%
|
0.01
N/A
|
0.01
N/A
|
0.01
N/A
|
0.02
+100%
|
0.02
N/A
|
0.02
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0.01
N/A
|
0.02
+100%
|
0.01
-50%
|
0.01
N/A
|
0.03
+200%
|
0.03
N/A
|
0.05
+67%
|
-0.01
N/A
|
0.01
N/A
|
0.01
N/A
|
0.01
N/A
|
-0.01
N/A
|
-0.01
N/A
|
0.01
N/A
|
0.01
N/A
|
0
N/A
|
-0.01
N/A
|
-0.01
N/A
|
-0.01
N/A
|
0.01
N/A
|
|