Business
Visionary Education Technology Holdings Group Inc. Reports Fiscal Year 2022 Financial Results
MARKHAM, Canada, August 12, 2022 /PRNewswire/ -- Visionary Education Technology Holdings Group Inc. (the "Company") (Nasdaq: VEDU), a private education
About this update from Visionary Holdings Inc.
[{"type":"text","content":"MARKHAM, Canada, August 12, 2022 /PRNewswire/ -- Visionary Education Technology Holdings Group Inc. (the \"Company\") (Nasdaq: VEDU), a private education provider located in Canada that offers high-quality education resources to students around the globe, today announced its financial results for the fiscal year ended March 31, 2022.\nFiscal Year 2022 Financial Highlights\nRevenues was $5.2 million in fiscal year 2022, compared to $7.7 million in fiscal year 2021.Gross profit margin was 49.8% in fiscal year 2022, compared to 55.2% in fiscal year 2021.Income from operations was $1.0 million in fiscal year 2022, compared to $3.7 million in fiscal year 2021.Net loss was $56,474 in fiscal year 2022, compared to net income of $2,913,646 in fiscal year 2021.Mr. David Xu, Chief Executive Officer and Chief Operating Officer of the Company, commented, \"In fiscal year 2022, we have invested and consolidated our education resources and built a solid foundation for our future development. On May 17, 2022, we completed our initial public offering, which was an important milestone in the history of the Company. Becoming a publicly traded company provides us with more opportunities to continue developing our education resources. We plan to invest in more profitable and higher growth business areas such as high school education for international students, integrated platform of technology and education, online standardized artificial intelligence driven central platforms and offline personalized education services which are expected to drive exponential tuition revenue growth in the near future. In addition, we intend to close the purchase of the properties at 95-105 Moatfield Drive, Toronto this month. This education facility is expected to generate about $10 million annual rent revenue. Looking forward, we will continue to provide high-quality education to students, execute our strategic initiatives and expand our market share. We believe our organic growth and strategic development will position us well for the future and we are confident in creating long-term values and returns for our shareholders.\"\nFiscal Year 2022 Financial Results\nRevenues\nRevenues decreased by $2.5 million, or 32.1%, to approximately $5.2 million in fiscal year 2022 from approximately $7.7 million in fiscal year 2021. The decrease in revenue was principally becaus...