Hailiang Education Group Inc. (Nasdaq: HLG) announced mixed financial results for the fiscal year 2020 Thursday, sending its stock 24 cents lower, to $59.66 per share.
The education provider, based in Hangzhou, said revenue decreased 1.1% from a year earlier to $209.8 million, while net income increased 26.4%. Hailiang said its income reached $52.5 million, or 13 cents per American depositary share.
“Despite temporary disruptions and short-term impact on our business caused by the COVID-19 pandemic, our strong and stable performance has demonstrated our continued progress in executing and innovating our growth strategy and highlighted the resilience of our underlying business,” Junwei Chen, the chairman and chief executive officer of Hailiang, said in a call with analysts.
Hailiang expanded to 37 schools in the fiscal year 2020 with enrollments at 66,344 students, according to the report.
On a year marked by the Covid-19 outbreak, the company said it has focused on the development and application of "Smart Campus" and "Smart Classroom" by establishing an experienced team composed of education professionals and IT developers and cooperating with top Chinese universities and leading enterprises.