China Distance Education Holdings Limited (DL) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $2.41 million, or $ 0.02 a share in the quarter, against a net profit of $2.54 million, or $0.02 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $1.93 million, or $0.02 a share compared with a net profit of $3.04 million, or $0.02 a share in the last year period. Revenue during the quarter dropped 9.48 percent to $21.86 million from $24.15 million in the previous year period. Gross margin for the quarter contracted 1085 basis points over the previous year period to 46.03 percent. Operating margin for the quarter stood at negative 9.47 percent as compared to a positive 19.18 percent for the previous year period.
Operating loss for the quarter was $2.07 million, compared with an operating income of $4.63 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $1.58 million compared to operating profit of $5.13 million in prior year period.
Mr. Zhengdong Zhu, Chairman and Chief executive officer of CDEL, said, “The second quarter revenue decline of 9.5% year-over-year was within our guidance range.
For the third-quarter 2017, China Distance Education Holdings projects revenue to be in the range of $30.80 million to $32.30 million.
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