Corporate Updates

Double profits in 3Q for Global Education

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Recently Global Education & Technology Group Ltd., a provider of education services including foreign language training and test prep, announced its third-quarter profits. It was mentioned that the profits nearly doubled on a boost in revenue. The company is based in Beijing and earned 24.6 million renminbi, ($3.7 million, or 7 cents per American Depository Share), up from 12.6 million renminbi, a year prior. Revenue rose 47% to 127.8 renminbi ($19.1 million) from 86.8 million renminbi. The company launched its IPO in October. Additionally the test preparation course enrollments rose 41% to 51,907 during the quarter and the company had 317 learning centers, up from 292 a year prior.

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