MindChamps PreSchool reports 3Q19 net profit tumbled 71 percent

MindChamps PreSchool outlet at Singapore’s Marina Square mallMindChamps PreSchool outlet at Singapore’s Marina Square mall

MindChamps PreSchool reported Thursday its third quarter net profit dropped 71 percent on-year to S$339,000 on higher expenses.

Revenue for the quarter ended 30 September increased 70 percent on-year to S$15.61 million, mainly on increased school fees due to a higher number of enrolled students after acquisitions this year and last year, the preschool operator said in a filing to SGX.

Cost of sales for the quarter climbed 95 percent on-year to S$7.79 million, mainly on an increased number of academic staff and administrative expenses grew 69 percent on-year to S$7.33 million, mainly on consts from newly acquired centers, the filing said.

For the nine-month period, MindChamps reported net profit fell 60 percent on-year to S$1.08 million on revenue of S$38.08 million, up 67 percent on-year.

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