On April 17, GLONGHUI | Bojun Education (01758.HK) announced that compared with the net loss of approximately RMB 7.8 million recorded in the six months ended February 28, 2023, the company expects to record a net profit of about RMB 3.5 million to RMB 4.3 million for the six months ending February 29, 2024.
According to the Board of Directors, the reversal of net loss to net profit was mainly due to (i) the consolidated financial results of the two vocational schools after the completion of the acquisition on August 31, 2023, which led to a sharp increase of about 400% in earnings for the six months ended February 29, 2024 compared to the six months ended February 28, 2023; and (ii) Pengzhou Bojun School's one-time income from exempting the Group from a debt of approximately RMB 19.0 million to Pengzhou Bojun School.