Business
Wah Fu Education Group Ltd. Announces Financial Results for the First Half of Fiscal Year 2023
BEIJING, March 30, 2023 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam
About this update from Wah Fu Education Group Limited
[{"type":"text","content":"BEIJING, March 30, 2023 (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, 2022. Financial Highlights for the Six Months Ended September 30, 2022 For the Six Months EndedSeptember 30, ($’000, except per share data) 2022 2021 % Change Revenue $5,453 $5,805 (6.1)%Gross profit $2,788 $3,406 (18.1)%Gross margin 51.1% 58.7% (7.6)ppIncome (loss) from operations $1,117 $688 62.4%Operating profit (loss) margin 20.5% 11.8% 8.7ppNet income (loss) $1,056 $594 77.8%Basic and diluted earnings (loss) per share $0.19 $0.11 72.7% * pp: percentage points Revenue decreased by 6.1% year-over-year to $5.45 million for the six months ended September 30, 2022 from $5.81 million for the same period of the prior fiscal year. The decrease in revenue is primarily attributable to a decrease in one course offering from our online education services.Gross profit decreased by 18.1% to $2.79 million for the six months ended September 30, 2022 from $3.41 million for the same period of the prior fiscal year. Gross margins were 51.1% and 58.7% for the six months ended September 30, 2022 and 2021, respectively. The decrease in gross profit of online education services is primarily due to the decrease in revenue. The minor decrease in gross margins as compared to revenue in the six months ended September 30, 2022 compared to the same period last year was due to the fact that our online education service is comprised of fixed expenses, which include salaries and related expenses for our teaching support, course and content development.Incomes from operations were $1.12 million and $0.69 million for the each of six months ended September 30, 2022 and 2021. Operating profit margin was 20.5% for the six months ended September 30, 2022, compared to operating profit margin of 11.8% for the same period of the prior fiscal year.Net income was $1.06 million or, income per share of $0.19 for the six months ended September 30, 2022, compared to net income of $0.59 million, or income per share of $0.11, for the same period of the prior fiscal year. Unaudited Financial Results for the six...