Govt tops up Lifelong Learning Endowment Fund by S$800m
By Hasnita A Majid, Channel NewsAsia | Posted: 15 February 2008 1947 hrs

SINGAPORE : The Government is topping up the Lifelong Learning Endowment Fund, or LLEF, to help finance continuous education for adult Singaporeans.

Continuing education for adults will receive a S$800 million boost, bring the LLEF to S$3 billion.

NEWS RELEASE

 

Informatics achieved break-even in 3Q08

 

Singapore 5 February 2008 ? Main-board listed, Informatics Education Ltd, (?Informatics? or the ?Group?), a leading provider of quality education and training services, recorded a break-even quarter with net profit of $0.03 million for the first time in the last seventeen quarters. It also cuts its 9-month period ended 31 December 2007 losses by $1.0 million or 22% to S$3.7 million from S$4.7 million compared to the same period last year.

 

The Group?s loss from operations in 3Q08 was reduced by 81% to $0.14 million from $0.73 million compared to the same period of last year. This was achieved by a $1.71 million or 13% saving in staff costs, fixed asset depreciation and other operating expense to $11.0 million, in spite of a 4% decline in operating revenue. The operating losses were fully off-set by its bank interest income.

 

The Group?s operating revenue in 3Q08 decreased 4% to S$11.5 million from S$12.0 million in the same period last year. The group'

 

s revenue was affected by the on-going consolidation of Malaysia operations whilst the UK operations continued to show growth.

 

Informatics? star performer subsidiary NCC Education based in Manchester UK aims to achieve degree-awarding status over the next few years. NCC Education has a good track record in awarding and validating diploma and advanced diploma programs in the UK and through its global network of 253 centres 49 in countries.

 

Informatics? flagship domestic operation (Informatics Education Singapore Pte Ltd) was re-accredited and awarded the SQC status on 31 December 2007. This is an important milestone for the Group as it is a benchmark quality education stamp of the Singapore Education brand name which Informatics exports globally through its network of 93 centres in 23 countries.

 

More programs are being offered on the Group?s multiple delivery mode platform of e-learning, mobile learning and traditional paper-based distance learning under Informatics Global Campus. This will provide the Group?s geographically dispersed students a wide choice of programs and a combination of learning modes to suit their lifestyles.

 

Three Satellite Recruitment Centres (SRCs) will be in operation in Malaysia by March 2008. Two SRCs will also be opened in Vietnam and China in early FY2009. These centres will improve our international student recruitment either into Singapore or Malaysian campuses or facilitate students to take a course through our Informatics Global Campus.

 

?Over time, these strategies will see more international students enrolling in Informatics. This break-even quarter is significant milestone for the Group and it will serve to strive harder towards a full recovery.? commented Mr Val Ortega, Chief Executive Officer of Informatics.