Half Year 2024 First High School Education Group Co Ltd Earnings Call Transcript
Key Points
- Increased student enrollment, reflecting strong brand and effective recruitment efforts.
- Revenue from customers increased by 8.2%, driven by higher student enrollment.
- Investment in human resources, including new HR system development, to improve employee management.
- Upgrading IT capabilities to incorporate digitalization into the education process.
- Net income from discontinued operations improved to RMB7 million compared to a net loss of RMB0.9 million in the first half of 2023.
- Total revenues decreased by 6.7% due to no revenue from government cooperative agreements.
- Gross profit decreased by 17.3%, primarily due to increased staff compensation and operational inefficiencies.
- Total operating expenses increased significantly by 108.5%, driven by higher general and administrative expenses.
- Income from operations decreased by 92.4%, reflecting lower gross profit and higher operating expenses.
- Net income from continuing operations decreased by 88.9%, indicating significant financial challenges.
Good day, ladies and gentlemen. Thank you for standing by and welcome to the First High School Education Group first-half 2024 unaudited financial results earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.
Now I will turn the call over to Mr. Tommy Zhou, Chief Financial Officer of the company. Mr. Zhou, please proceed.
Thank you, operator, and greetings, investors and friends. Welcome to the First High School Education Group first-half 2024 earnings conference call. My name is Tommy, Chief Financial Officer of the company, and I will lead today's conference call.
We released our most recent earnings results earlier today prior to market open. The press release is available on the company's IR website at ir.diyi.top as well as from Accesswire and OTC Services. The highlights I am about to deliver is based on that release.
Before we continue,
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