August 15, 2024
EduFocal Limited(LEARN)
Unaudited financials for the six months ended June 30, 2024:
EduFocal Limited (LEARN) for the six months ended June 30, 2024 reported a 71% decrease in Revenue totaling $61.18 million compared to $210.70 million in the corresponding period last year. Revenue for the second quarter had a 69% decrease to close at $30.45 million compared to $98.04 million for the comparable quarter of 2023.
Administrative & Operating Expenses amounted to $71.39 million (2023: $105.85 million), this represents a decrease of 41% year over year. Consequently, depreciation and amortisation increased by 47% to $7.87 million compared to $14.75 million for the six months ended June 30, 2023. The company booked depreciation and amortisation of $208,712 for the second quarter versus $7.44 million reported for the similar quarter of 2023.
Impairment loss on financial asset decreased by 39% to close at $6.64 million (2023: $10.94 million), while Operating profit decreased from $79.16 million in 2023 compared to operating loss of $24.72 million in the period under review. As a result, finance cost for the six months ended June 30, 2024 amounted to $12.87 million, a 6% decrease relative to $13.72 million reported in 2023.
Loss Before Taxation for the six months ended June 30, 2024, amounted to $37.33 million, a 157% decrease relative to profit before taxation of $65.82 million reported in 2023. Loss Before Taxation for the second quarter amounted to $12.19 million (2023: profit before taxation of $23.45 million).
Net loss for the six months ended June 30, 2024, amounted to $37.33 million, a 157% decrease relative to $65.81 million reported in 2023. Net loss for the second quarter amounted to $12.19 million (2023: net profit of $23.45 million).
Owners of Edufocal Ltd for the six months ended June 30, 2024 reports loss attributable of $37.14 million versus profit attributable of $65.81 million in the prior comparable period.
Consequently, Loss Per Share for the six months amounted to $0.06 (2023: EPS: $0.10), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.04). The twelve month trailing LPS was $0.28 and the number of shares used in these calculations was 648,446,094.
Notably, LEARN’s stock price closed the trading period on August 14, 2024 at a price of $0.36.
Balance Sheet Highlights
The company’s assets totalled $246.55 million (2023: $344.48 million).
Shareholder’s deficit was $106.86 million (2023: shareholders’ equity of $74.27 million), representing a shareholder’s deficit per share of $0.17 (2023: shareholder’s equity per share of $0.12).
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