By Doug Young
Despite making earlier headlines with its creative new foray into livestreaming e-commerce, the latest quarterly results from New Oriental Education and Technology Group Inc. (EDU.US; 9901.HK) show the company’s future still lies squarely in its core education area. The company excited investors with a return to profitability in its latest quarter through August as many of its new services posted solid growth, indicating the worst was behind it following a year of turmoil.
“The company has now entered a stage of starting a fresh page, exploring new opportunity with greater flexibility and strong cash flows. We're confident in the sustainable profitability of all our remaining key business, as well as the growth and prospects of our new initiatives,” said Yang Zhihui, who also uses the English name Stephen, on the company’s investor call. He added the company expects to achieve profitability for its entire current fiscal year that runs through next May.