Beijing-based New Oriental Education and Technology Group Inc., which provides private educational services in China, swung to a fiscal fourth-quarter profit on Thursday, helped by new schools and programs that boosted sales.
New Oriental earned $1.8 million, or 5 cents per American Depositary Share, versus a loss of $1.5 million, or a loss of 4 cents per ADS, a year earlier.
Sales rose nearly 63 percent to $40.2 million from $24.7 million.
During the quarter ended May 31, the company expanded by opening three schools and adding 23 learning centers. New Oriental also continued rolling out its U-Can middle and high school training program.
"We are confident that U-Can, along with English language training and overseas test preparation, will drive New Oriental's growth in the years ahead," Chairman and Chief Executive Michael Yu said in a statement.
The company also noted a strong recovery in student enrollment and revenue in June, following the Sichuan earthquake.
For the year, profit rose to $49 million, or $1.25 per ADS, from $28.6 million, or 80 cents per ADS, a year earlier.
Sales rose to $201 million from $132.6 million.
For the first quarter, the company expects sales between $103.8 million and $109.5 million, but warned the Beijing Olympic Games may hurt results because the event takes place during the middle of the company's August term. Analysts polled by Thomson Financial expect $103.4 million in sales for the period.
Shares of the company rose $3.97, or 5.8 percent, to $72.41 in afternoon trading.
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