New Oriental Education posts $26.9m Q2 loss

New Oriental Education & Technology Group Inc has posted a second-quarter loss of $26.9 million. [Asianewsphoto/File/Jing Wei]

New Oriental Education & Technology Group Inc posted on Tuesday a second-quarter loss of $26.9 million, compared to a $3.2 million loss in the same period of the previous fiscal year.

The New York-listed Chinese company attributed the loss in the second quarter, which ended in November, to increased investment to open new schools.

The company said that total net revenue increased 30.4 percent year-on-year to $165.9 million from $127.2 million in the same period of the previous fiscal year.

Its total student enrollments grew 7.2 percent year-on-year to about 505,500. The number of schools and learning centers also increased year-on-year to 744 from 726.