TAL Education Group (TAL), a Chinese education solutions provider, on Thursday reported a narrower loss for the third-quarter on sharply lower operating expenses. However, it reported a fall in revenue, amidst exchange rate fluctuations and seasonality.
Alex Peng, TAL's Chief Financial Officer, said: "Although the revenue of this quarter was affected by exchange rate fluctuations and seasonality, our new business has maintained the momentum of continuous development…"
For the three-month period to November 30, the Beijing-headquartered firm recorded a loss of $51.6 million or $0.24 per share, compared with a loss of $99.4 million or $0.46 per share of a year ago.
The lower loss reflected sharp decline in operating expenses, particularly cost of revenue as well as selling and marketing expenses.
Operating costs and expenses were at $266.3 million, compared with $1.139 billion in the third quarter of 2022. Cost of revenues also moved down to $103 million from $519.5 million of last year.
Selling and marketing expenses stood at $70.4 million, compared with $273.6 million, reported for the third quarter of 2022.
Loss per ADS fell to $0.08 from $0.15 per ADS of previous year period.
Excluding items, loss was at $23.2 million, versus previous year's loss of $58.6 million.
On adjusted basis, loss per ADS recorded at $0.04, compared with loss of $0.09 per ADS of previous fiscal.
Loss from operations stood at $32.9 million, lesser than loss of $108.4 million of previous year quarter.
Net revenues moved down to $232.7 million from $1.020 billion reported for the third-quarter of 2022.
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