Raffles Education Corporation Limited announced unaudited consolidated earnings results for the third nine months ended March 31, 2013. For the quarter, the company reported revenue of SGD 31,441,000 against SGD 36,034,000 a year ago. Profit before income tax was SGD 5,562,000 against SGD 23,674,000 a year ago. Profit after tax from continuing operations was SGD 3,911,000 against SGD 3,661,000 a year ago. Total comprehensive income attributable to equity holders of the company was SGD 4,460,000 against total comprehensive loss attributable to equity holders of the company of SGD 2,594,000 a year ago. Net profit attributable to equity holders of the company was SGD 14,956,000 or 0.43 cents diluted per share against net loss attributable to equity holders of the company of SGD 9,828,000 or 0.27 cents diluted per share a year ago. Other operating income was SGD 9,502,000 against SGD 1,365,000 a year ago. The increase in other operating income was mainly due to a SGD 7.3 million government grant receivable from Langfang Development Zone Treasury Authority as funds for education development in OUC for third quarter of fiscal year 2013. For the nine months, the company reported revenue of SGD 97,335,000 against SGD 101,254,000 a year ago. Profit before income tax was SGD 22,694,000 against SGD 43,682,000 a year ago. Profit after tax from continuing operations was SGD 16,648,000 against SGD 21,111,000 a year ago. Total comprehensive income attributable to equity holders of the company was SGD 13,339,000 against SGD 18,648,000 a year ago. Net profit attributable to equity holders of the company was SGD 8,186,000 or 0.41 cents diluted per share against SGD 31,775,000 or 0.13 cents diluted per share a year ago. Net cash used in operating activities was SGD 8,754,000 against SGD 12,870,000 a year ago. Purchase of property, plant and equipment was SGD 8,044,000 against SGD 2,537,000 a year ago. Other operating income was SGD 31,156,000 against SGD 32,775,000 a year ago.

Raffles Education Corporation Limited announced that it intends to issue SGD 50,000,000 5.9% fixed rate notes due 2018. The notes will be issued under the SGD 300,000,000 medium term note programme established by the company on February 22, 2012. The Hongkong and Shanghai Banking Corporation Limited and United Overseas Bank Limited have been appointed as the joint lead managers and book runners for the notes. The company announced that it has priced the offering of the Notes and the principal terms of the notes are as follows: issue size: SGD 50,000,000; issue price: 100% of the principal amount of the notes; interest: 5.9% per annum payable semi-annually in arrear; maturity date: five years from the date of issue. The issue date of the notes is currently expected to be on or about May 3, 2013. The net proceeds arising from the issue of the notes (after deducting issue expenses) will be used for the financing of general corporate funding requirements or investments of the company (including refinancing of existing borrowings), working capital, capital expenditure and other general funding requirements.

The Board of Directors of Raffles Education Corporation Limited announced that with effect from April 1, 2013, the address of the registered office of the company will be changed to: Raffles Education Square, 51 Merchant Road, Singapore 058283.