Business
Wah Fu Education Group Ltd. Announces Unaudited Financial Results for the First Half of Fiscal Year 2024
BEIJING, April 01, 2024 (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, April 01, 2024 (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, 2023. Financial Highlights for the Six Months Ended September 30, 2023 For the Six Months EndedSeptember 30, ($’000, except per share data) 2023 2022 % Change Revenue $3,648 $5,453 (33.1)%Gross profit $2,063 $2,788 (26.0)%Gross margin 56.6% 51.1% (5.4)ppIncome (loss) from operations $273 $1,117 (75.6)%Operating profit (loss) margin 7.5% 20.5% (13.0)ppNet income (loss) $125 $1,056 88.2%Basic and diluted earnings (loss) per share $0.05 $0.19 (73.1)% * pp: percentage points Revenue decreased by 33.1% year-over-year to $3.65 million for the six months ended September 30, 2023 from $5.45 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 26.0% to $2.01 million for the six months ended September 30, 2023 from $2.79 million for the same period of the prior fiscal year. Gross margins were 56.6% and 51.1% for the six months ended September 30, 2023 and 2022, respectively. The decrease in gross profit of online education services is primarily due to the decrease in revenue.Incomes from operations were $0.27 million and $1.12 million for the each of six months ended September 30, 2023 and 2022. Operating profit margin was 7.5% for the six months ended September 30, 2023, compared to operating profit margin of 20.5% for the same period of the prior fiscal year.Net income was $0.13 million or, income per share of $0.05 for the six months ended September 30, 2023, compared to net income of $1.06 million, or income per share of $0.19, for the same period of the prior fiscal year. Unaudited Financial Results for the six months ended September 30, 2023 Revenue For the six months ended September 30, 2023, revenue decreased by $1.81 million, or 33.1%, to $3.65 million from $5.45 million for the same period of the prior fiscal year. The decrease in revenue was primarily due to the decrease of revenue from one course offering from our onli...