(RTTNews) - TAL Education Group (TAL) reported that its net loss attributable to the company for the second quarter of fiscal year 2020 was US$14.4 million, compared to net income US$77.0 million in the second quarter of fiscal year 2019.
Net loss per ADS were both US$0.02 in the second quarter of fiscal year 2020.
Non-GAAP net income attributable to TAL, which excluded share-based compensation expenses, decreased by 84.8% to US$14.5 million, from US$95.1 million in the second quarter of fiscal year 2019.
Net revenues increased by 33.8% year-over-year to US$936.6 million from US$699.8 million in the same period of the prior year. The increase was mainly driven by an increase in total Student Enrollments of normal priced long-term course, which increased by 54.5% to about 3.41 million from about 2.20 million in the same period of the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share and revenues of $914.72 million for the quarter. Analysts' estimates typically exclude special items.
The company expects total net revenues for the third quarter of fiscal year 2020 to be between US$826.2 million and US$843.8 million, representing an increase of 41% to 44% on a year-over-year basis.
The projected revenue growth rate is expected to be in the range of 45% to 48% for the third quarter of fiscal year 2020.
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