TAL Education Q3 Profit Plunges, Revenues Climb; Sees Higher Q4 Revenues

(RTTNews) - TAL Education Group (TAL), a Chinese K-12 after-school tutoring services provider, reported Tuesday that its third-quarter attributable net income was $28.2 million, down 77.2 percent from last year's $123.8 million.

Earnings per American Depositary Share or ADS were $0.05, 78.1 percent lower than last year's $0.21 last year.

Adjusted attributable net income was $58.3 million, compared to $145.8 million a year ago. Adjusted earnings per ADS were $0.09, compared to $0.24 a year ago.

Net revenues, however, climbed 47.2% to $862.4 million from $586.0 million in the same period of prior year.

Total Student Enrollments of normal priced long-term course increased 66.0 percent year-over-year to about 2.32 million.

Looking ahead, for the fourth quarter, the company expects total net revenues between $959.1 million and $980.9 million, representing an increase of 32% to 35% on a year-over-year basis.

Separately, TAL Education announced the appointment of Yunfeng Bai to TAL's board of directors and the resignation of Yachao Liu from his post as a director of the Company, both effective January 21.