Free Bird Institute Ltd (FBL), an English language school catering to international students, has announced a net profit before taxes of $360,980 for the six-month period ending June 30, 2024. This reflects a decrease from the $422,299 profit recorded during the same timeframe last year.
FBL’s chief financial officer, Roqiqi Korodrau, indicated that the institute’s total income for the first half of this year stood at $2,013,633, marking a 4 percent decline from last year’s income of $2,099,203. This downturn has been attributed to a 7 percent reduction in service fees, which correlates with a 4 percent drop in student enrollment numbers.
“Faced with this revenue drop, our management team has taken proactive steps to implement cost-saving measures,” Mr. Korodrau stated. He noted that they successfully cut personal expenses by 7 percent and direct operating expenses by 9 percent, leading to a total expense reduction of 9 percent.
He emphasized that these initiatives demonstrate the company’s commitment to maintaining financial discipline amid a challenging economic environment. Despite the revenue downturn, the firm has managed to achieve a 14 percent increase in operating profit, which now totals $533,856.
However, Mr. Korodrau pointed out ongoing challenges related to foreign exchange losses, particularly due to a significant decline in the Japanese yen, which has increased international travel costs and negatively impacted the number of students studying abroad. As a result, the net finance cost rose by $177,876.
As for the company’s net assets, they reached $6.7 million, reflecting a 6 percent rise since December of last year. Total assets also increased by 3 percent compared to the same period last year, climbing to $8.7 million.
“This growth showcases our strategic financial management and our dedication to improving overall financial stability,” Mr. Korodrau concluded.