China New Higher Education posts 482m yuan profit

China New Higher Education (2001) said net profit for the year ended August 31, was 482 million yuan (HK$568.7 million), up 124.3 percent year-on-year.

The company earlier changed its financial year-end date from December 31 to August 31, to align with the academic year of the schools it operates.

The company plans to build or acquire one or two schools each year. The latest plan is to start a project in the Greater Bay Area in early 2021.

The company also aims to acquire a school before September 2021 and the end of 2022.

It favors China's central and western regions.