Norwegian private education provider Lumi Gruppen AS (LUMI.OL) Thursday said that its first-half profit surged from last year, helped by a good performance in its Oslo Nye Høyskole and Sonans segment. Total revenue climbed 11 percent from a year ago.
The company reported profit of 6.6 million Norwegian Kroner or 0.11 Kroner per share in the first half of the year, 129.0 percent higher than 2.9 million Kroner or 0.05 Kroner per share in the previous-year period. ?
According to Lumi Gruppen, pre-tax profit surged 89.0 percent to 8.4 million Kroner in the first half from 4.5 million Kroner in the same period last year.
During the six month period, total income rose to 235.9 million euros from 211.5 million euros in the year-ago period, helped by new online programmes and a higher share of recurring multi-year revenues.
The company's EBIT for the half-yearly period was up 14 percent to 27.8 million Kroner from 24.3 million Kroner a year ago. Adjusted EBIT climbed 31 percent to 36.2 million Kroner from 27.7 million Kroner in the prior-year period.
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