November 19, 2024
EduFocal Limited(LEARN)
Unaudited financials for the nine months ended September 30, 2024:
EduFocal Limited (LEARN) for the nine months ended September 30, 2024 reported a 68% decrease in Revenue totaling $82.98 million compared to $257.56 million in the corresponding period last year. Revenue for the third quarter had a 53% decrease to close at $21.79 million compared to $46.86 million for the comparable quarter of 2023.
Administrative & Operating Expenses amounted to $91.37 million (2023: $151.75 million), this represents a decrease of 40% year over year. Consequently, depreciation and amortisation decreased by 53% to $10.28 million compared to $22.05 million for the nine months ended September 30, 2023. The company booked depreciation and amortisation of $181,820 for the third quarter versus $7.29 million reported for the similar quarter of 2023.
Impairment loss on financial assets closed at $5.50 million (2023: impairment gain of $9.62 million ), while Operating profit decreased from $93.39 million in 2023 compared to an operating loss of $24.17 million in the period under review. As a result, finance cost for the nine months ended September 30, 2024 amounted to $30.70 million, a 69% increase relative to $18.21 million reported in 2023.
Loss Before Taxation for the nine months ended September 30, 2024, amounted to $54.55 million, relative to profit before taxation of $75.68 million reported in 2023. Loss Before Taxation for the third quarter amounted to $14.89 million (2023: profit before taxation of $8.86 million). No taxation was reported for the nine months ended September 30, 2024.(2023: $10,535).
Net loss for the nine months ended September 30, 2024, amounted to $54.55 million, relative to net profit of $75.67 million reported in 2023. Net loss for the third quarter amounted to $14.89 million (2023: net profit of $8.86 million).
Owners of Edufocal Ltd for the nine months ended September 30, 2024 reports loss attributable of $54.26 million (2023: profit attributable of $75.67 million) .
Consequently, Loss Per Share for the nine months amounted to $0.08 (2023: EPS: $0.12), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.01). The twelve-month trailing LPS was $0.32 and the number of shares used in these calculations was 648,446,094.
Notably, LEARN’s stock price closed the trading period on November 19, 2024 at a price of $0.36.
Balance Sheet Highlights
The company’s assets totaled $241.18 million (2023: $375.72 million). The movement in total assets was influenced by a 76% decline in ‘Receivables and prepayments’ amounting to $41.92 million. ($2023: $172.12 million).
Shareholder’s deficit was $123.74 million (2023: shareholder’s equity of $83.43 million), representing a shareholder’s deficit per share of $0.19 (2023: shareholder’s equity per share of $0.13).
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