UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2011
| | Current Year Quarter
31/10/2011
RM'000 | Preceding Year Quarter
31/10/2010
RM'000 | Current Year-To-Date
31/10/2011
RM'000 | Preceding Year-To-Date
31/10/2010
RM'000 | | Revenue | 28,435 | 27,333 | 108,061 | 105,203 | | Other Operating Income | 1,995 | 1,330 | 5,702 | 5,203 | | Other Operating Expenses | (24,887) | (20,440) | (92,208) | (82,909) | | | 5,543 | 8,223 | 21,555 | 27,497 | | Finance Cost | (272) | (408) | (1,166) | (817) | | | | | | | | Profit Before Taxation | 5,271 | 7,815 | 20,389 | 26,680 | | Taxation | B(5) | (1,684) | (1,344) | (7,327) | (7,583) | | Profit For The Financial Period | 3,587 | 6,471 | 13,062 | 19,097 | | | | | | | | Other Comprehensive Income | | | | | | Net gain on fair value changes on available-for-sale financial asset | 337 | - | 337 | - | | Foreign currency translation | 15 | - | 15 | - | | Other comprehensive income for the period, net of tax | 352 | - | 352 | - | | Total comprehensive income for the period | 3,939 | 6,471 | 13,414 | 19,097 | | | | | | | | Attributable To: | | | | | | Equity holders of The Company | 3,587 | 6,471 | 13,062 | 19,097 | | | | | | | | Total comprehensive income attributable to: | | | | | | Equity holders of The Company | 3,939 | 6,471 | 13,414 | 19,097 | | | | | | | | Earnings Per Share Attributable To The Equity Holders Of The Company (sen) | | | | | | Basic Earnings Per Share | 2.5 | 4.6 | 9.2 | 13.4 | | Fully Diluted Earnings Per Share | N/A | N/A | N/A | N/A | Review of Performance
For the fourth quarter under review, the Group recorded revenue and profit before taxation of RM28.4 million and RM5.3 million as compared to revenue of RM27.3 million and RM7.8 million respectively for the corresponding quarter last year. For the year ended 31 October 2011, the Group's revenue and profit before taxation were RM108.1 million and RM20.4 million as compared to revenue of RM105.2 million and profit before taxation of RM26.7 million respectively last year. Our revenue grew marginally for the period under review because of various factors. The biggest impact for the marginal growth was the decrease in student numbers from China. It has become financially more affordable for students from China to study in the UK and the USA due to the strength of the Renminbi against the Pound and US Dollar. Relaxation in regulatory restrictions have also benefited students applying for places in the mentioned countries. The postponement in student intakes in our Vietnam centres due to the governmental review earlier in the year also impacted on our revenue. Under the Ministry of Higher Education's advice, all twinning programmes are to be transferred from HELP University to HELP Academy. The change of institution requires a re-application of licenses to recruit foreign students and for local students to be eligible for Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) loan. This has resulted in a delay for HELP Academy to recruit students into our twinning programmes. As explained in the third quarter report, recruitment of new students at our local colleges HELP Academy and HELP College of Arts and Technology ("HCAT") were also affected by delays in obtaining the relevant licenses and approvals for operations. This caused a follow on effect into the fourth quarter. To satisfy the Ministry of Higher Education's requirement for upgrade to full university status, the Group had to recruit more faculty with doctorate degrees to cover a wider spectrum of courses to be offered at the university. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2011
| | Unaudited As at end of Current Quarter
31/10/2011
RM'000 | Audited As at preceding financial year ended
31/10/2010
RM'000 | | NON-CURRENT ASSETS | | | | Property and equipment | 131,325 | 122,976 | | Intangible assets | 3,874 | 3,576 | | Other investment | 1,721 | - | | Deferred tax assets | - | 30 | | | 136,920 | 126,582 | | | | | | CURRENT ASSETS | | | | Trade receivables | 4,461 | 4,012 | | Other receivables | 5,673 | 5,715 | | Tax recoverable | 1,682 | 1,739 | | Cash and cash equivalents | 60,003 | 67,408 | | | 71,819 | 78,874 | | TOTAL ASSETS | 208,739 | 205,456 | | | | | | EQUITY AND LIABILITIES | | | | Equity attributable to equity holders of the Company | | | | Share capital | 71,021 | 71,021 | | Share premium | 2,372 | 2,372 | | Retained earnings | 50,930 | 39,999 | | Fair value adjustment reserve | 337 | - | | Foreign currency translation reserve | 15 | - | | Total Equity | 124,675 | 113,392 | | | | | | Non-current liabilities | | | | Deferred tax liabilities | 4,363 | 3,792 | | Other payables | 18,000 | 27,000 | | | 22,363 | 30,792 | | | | | | Current liabilities | | | | Fees received in advance | 21,998 | 21,477 | | Other payables | 39,703 | 38,969 | | Tax payable | - | 826 | | | 61,701 | 61,272 | Total Liabilities
| 84,064 | 92,064 | | TOTAL EQUITY AND LIABILITIES | 208,739 | 205,456 | | Net Assets Per Share (RM) | 0.88 | 0.80 | | | | | |
Financial Statement and Notes (125KB)
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