- Ambow Education Holding Ltd AMBO has reported first-quarter FY21 sales of $19.8 million, up 55.3% year-on-year.
- The revenue increase was mainly due to the full business recovery from the impact of the COVID-19 pandemic and higher revenue contribution from NewSchool of Architecture and Design LLC, acquired by the Company from March 2020.
- Gross profit of $6.8 million increased 287.8% Y/Y.
- Operating expenses rose 17.5% to $9.1 million, translating to an operating loss of $2.3 million, down 62% Y/Y.
- EPS loss of $(0.05) was down from $0.02 a year ago.
- Ambow’s cash and equivalents totaled $18.8 million as of March 31, 2021.
- “Looking ahead, we will remain focused on harnessing our technological capabilities to offer a broader range of education services in China and U.S. while enhancing operating efficiency,” said CEO Jin Huang.
- Price action: AMBO shares are trading lower by 0.43% at $2.33 on the last check Monday.
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