June 28, 2024
EduFocal Limited (LEARN)
Unaudited financials for the first quarter ended March 31, 2024:
EduFocal Limited (LEARN) for the first quarter ended March 31, 2024, reported a 73% decrease in revenue totalling $30.01 million compared to $112.66 million in the corresponding three months last year.
Administrative & Operating Expenses amounted to $42.09 million (2023: $53.52 million), this represents a decrease of 21% year over year. Consequently, gross profit decreased by 138% to a gross loss of $19.72 million compared to the gross profit of $51.83 million for the first quarter ended March 31, 2023.
Impairment loss on financial asset decreased by 6% from $1.20 million in 2023 to $1.13 million for the three months. As a result, Finance Cost for the first quarter amounted to $4.75 million, a 44% decrease relative to $8.48 million reported in 2023.
Loss Before Taxation for the three months amounted to $25.28 million relative to the Profit before taxation of $42.35 million reported in 2023.
Total Comprehensive Loss for the first quarter ended March 31, 2024, amounted to $25.28 million relative to the Total Comprehensive Income of $42.35 million reported in 2023.
Consequently, Loss Per Share for the three months amounted to $0.04 (2023: EPS: $0.07). The twelve-month trailing LPS was $0.38, and the number of shares used in these calculations was 648,446,094. Notably, LEARN’s stock price closed the trading period on June 27, 2024, at a price of $0.53.
Balance Sheet Highlights
The company’s assets totalled $223.00 million (2023: $308.79 million). This decrease was attributable to Receivables and prepayments amounting to $24.76 million for the first quarter of 2024 (2023: $125.74 million). Cash and Cash Equivalents were also a contributor to the decrease amounting to $219,310 for the first quarter of 2024 (2023: $21.37 million).
Shareholder’s deficit of $97.02 million for the first quarter of 2024 (2023: shareholders’ equity of $49.81 million), representing a shareholders’ deficit per share of $0.15 (2023: shareholders’ equity per share $0.08).
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