Business
Wah Fu Education Group Ltd. Announces Financial Results for the First Half of Fiscal Year 2021
BEIJING, China, March 31, 2021 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education
About this update from Wah Fu Education Group Limited
[{"type":"text","content":"BEIJING, China, March 31, 2021 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced its unaudited financial results for the six months ended September 30, 2020. Financial Highlights for the Six Months Ended September 30, 2020 For the Six Months Ended September 30, ($’000, except per share data) 2020 2019 % Change Revenue $4,302 $2,500 72.1%Gross profit $2,430 $986 146.5%Gross margin 56.5% 39.4% 17.1ppIncome (loss) from operations $687 $(1,038) -166.2%Operating profit (loss) margin 16.0% -41.5% 57.5ppNet income (loss) $511 $(1,183) -143.2%Basic and diluted earnings (loss) per share $0.09 $(0.29) -131.0% * pp: percentage points ●Revenue increased by 72.1% year-over-year to $4.30 million for the six months ended September 30, 2020 from $2.50 million for the same period of the prior fiscal year. The increase in revenue is primarily attributable to the increased revenue from online education services due to the impact of the COVID-19. ●Gross profit increased by 146.5% to $2.43 million for the six months ended September 30, 2020 from $0.99 million for the same period of the prior fiscal year. Gross margins were 56.5% and 39.4% for the six months ended September 30, 2020 and 2019, respectively. The increased gross profit was mainly due to (i) the sharply increased revenue from online education service due to the impact of the COVID-19, which had a higher gross margin; (ii) the decreased salary expense for IT service personnel since the Company shifted focus to online education service. ●Income from operations was $0.69 million for the six months ended September 30, 2020, compared to loss from operations of $1.04 million for the same period of the prior fiscal year. Operating profit margin was 16.0% for the six months ended September 30, 2020, compared to operating loss margin of 41.5% for the same period of the prior fiscal year. ●Net income was $0.51 million or, income per share of $0.09 for the six months ended September 30, 2020, compared to net loss of $1.18 million, or loss per share of $0.29, for the same period of the prior fiscal year. Unaudited Financial Results for the Six months Ended September 30, 2020 Reve...