Ambow Education Holding announced unaudited financial and operating results for the nine months ended September 30, 2015.
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Gross profit in the first nine months of 2015 was RMB111.8 million, an increase of 7.8% compared with gross profit of RMB103.7 million in the same period of 2014.
Gross profit margin in the first nine months of 2015 was 39.3%, compared with gross profit margin of 35.2% in the same period of 2014.
Operating expenses for the first nine months of 2015 were RMB240.1 million, a decrease of 68.0% compared with operating expenses of RMB750.8 million in the same period of 2014.
Excluding an RMB292.6 million impairment loss of goodwill, intangible assets and de-consolidation of certain subsidiary, and a bad debt provision of RMB86.6 million that were accounted into the operating expenses in the first nine months of 2014, the operating expenses for the first nine months of 2015 decreased 35.4% year-over-year. The decrease was primarily due to improvement in cost control.
Net income attributable to the company was RMB166.1 million in the first nine months of 2015, or RMB4.60 per basic and diluted share, compared with a net loss of RMB888.1 million, or a loss of RMB109.94 per basic and diluted share, in the same period of 2014.
Net income for the first nine months of 2015 included a RMB347.4 million net gain from the Jinghan disposal, which occurred in the second quarter. There was a loss from extinguishment of debt amount of RMB143.8 million, impairment loss of RMB292.6 million and bad debt provision of RMB86.6 million in the first nine months of 2014.
As of September 30, 2015, the company increased its cash balance to a total of RMB516.6 million, including cash and cash equivalents of RMB464.6 million and restricted cash of RMB52.0 million, compared with a total cash balance of RMB182.3 million as of December 31, 2014.
As of September 30, 2015, net assets were RMB253.6 million, an RMB306.9 million net increase from negative net assets of RMB53.3 million as of December 31, 2014. ■