Chinese online tutoring company New Oriental posted heavy losses on Tuesday in its first results since Beijing banned the $100bn-a-year private education industry from making a profit.
The New York-listed education group reported an $876mn loss for the six months to November 30, compared with a $229mn net profit over the same period a year earlier.
New Oriental blamed the losses on the “substantial adverse impact” of having to halt its tutoring services for school-age pupils, following China’s crackdown last July as part of a broader government effort to reduce childcare costs and boost the country’s low birth rate.
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