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NewsMasterskill 2Q loss nears 4 folds a year ago
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Masterskill 2Q loss nears 4 folds a year ago
by Cals Mon 19 Aug 2013, 21:23
Masterskill 2Q loss nears 4 folds a year ago
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 19 August 2013 19:06
KUALA LUMPUR (August 19): Masterskill Education Group Bhd’s net loss for its second quarter was almost four times of last year’s, at RM17.81 million and RM4.85 million respectively.
In a filing with the local exchange, the education institution reported its revenue for its three months ended June 30, 2013 (2QFY13) was RM14.36 million, which was less than half from the previous year corresponding quarter’s RM39.37 million.
Masterskill said the loss was largely attributed to lower student enrollment in the reporting period due to competition in the market.
It added the reduction in the National Higher Education Fund Corp (commonly abbreviated to its Bahasa Malaysia’s acronym of PTPTN) loan amount, as well as the higher entry requirement for nursing diploma, has resulted in lower student enrollment.
Additionally, Masterskill’s 2QFY13 saw a higher depreciation and increase in staff cost due to the requirement ratio for teaching staff to students in line with the Malaysian Qualification Agency (MQA) requirement with programme standard in which the ratio is 1:20 for the science programmes instead of 1:30 previously.
“These factors in general have also contributed to the higher loss for the reporting quarter,” Masterskill said.
The company’s net loss for the first half of this financial year (1HFY13) was RM30.404 million or 7.42 sen per share, also about four times higher than the previous corresponding period’s RM7.77 million or 1.9 sen a share.
Masterskill’s revenue shrunk to RM35.88 million in 1HFY13, compared to last year’s RM83.48 million.
On its prospects, the company said this year will be a challenging one.
“While Malaysia aims to maintain its competitive edge as an education hub for the region, global economic uncertainties will pose significant challenges coupled with the education sector that is only expected to grow marginally.
“There is also a higher level of competition with increased public universities intake as well as more private universities, university colleges and colleges offering nursing and allied health programmes in recent years,” Masterskill said.
Its counter ceded one sen or 1.92% to close at 51 sen today with a trade volume of 1.52 million.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 19 August 2013 19:06
KUALA LUMPUR (August 19): Masterskill Education Group Bhd’s net loss for its second quarter was almost four times of last year’s, at RM17.81 million and RM4.85 million respectively.
In a filing with the local exchange, the education institution reported its revenue for its three months ended June 30, 2013 (2QFY13) was RM14.36 million, which was less than half from the previous year corresponding quarter’s RM39.37 million.
Masterskill said the loss was largely attributed to lower student enrollment in the reporting period due to competition in the market.
It added the reduction in the National Higher Education Fund Corp (commonly abbreviated to its Bahasa Malaysia’s acronym of PTPTN) loan amount, as well as the higher entry requirement for nursing diploma, has resulted in lower student enrollment.
Additionally, Masterskill’s 2QFY13 saw a higher depreciation and increase in staff cost due to the requirement ratio for teaching staff to students in line with the Malaysian Qualification Agency (MQA) requirement with programme standard in which the ratio is 1:20 for the science programmes instead of 1:30 previously.
“These factors in general have also contributed to the higher loss for the reporting quarter,” Masterskill said.
The company’s net loss for the first half of this financial year (1HFY13) was RM30.404 million or 7.42 sen per share, also about four times higher than the previous corresponding period’s RM7.77 million or 1.9 sen a share.
Masterskill’s revenue shrunk to RM35.88 million in 1HFY13, compared to last year’s RM83.48 million.
On its prospects, the company said this year will be a challenging one.
“While Malaysia aims to maintain its competitive edge as an education hub for the region, global economic uncertainties will pose significant challenges coupled with the education sector that is only expected to grow marginally.
“There is also a higher level of competition with increased public universities intake as well as more private universities, university colleges and colleges offering nursing and allied health programmes in recent years,” Masterskill said.
Its counter ceded one sen or 1.92% to close at 51 sen today with a trade volume of 1.52 million.
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