Masterskill posts RM2.92m 1Q net loss

By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia – Mon, May 28, 2012

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KUALA LUMPUR (May 28): Masterskill Education Group Bhd (MEGB) posted a net loss of RM2.92 million for the first quarter (1Q) ended March 31, 2012 from a net profit of RM22.59 million a year earlier, due mainly to lower student enrolment as a result of high level of competition in the market.

The company said on Monday that its revenue for the quarter fell to RM44.11 million from RM73.68 million in 2011. Loss per share was 0.71 sen compared to earnings per share of six sen, while net assets per share was RM1.25.

MEGB declared a first interim single tier dividend of 14.64 sen per share of 20 each totalling RM60.01 million for the financial year ending Dec 31, 2012, to be paid on July 3.

Reviewing its performance, MEGB said that the higher entry requirement by the Malaysian Nursing Board had also adversely impacted its student enrolment. The increase in ratio for teaching staff to students in line with the Malaysian Qualification Agency requirement had also led to higher staff cost, it said.

On its prospects, MEGB said it would continue to pursue growth in the domestic and international market to realise its long term growth strategy.

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