iCollege Ltd. (AU:NXD) has released an update.
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iCollege Ltd., an educational services provider, has reported a significant decline in profits, with a net loss of $31.2 million, a stark contrast to the previous year’s $3.6 million profit. This downturn is partly attributed to a $28.9 million impairment charge due to anticipated impacts of federal policy changes on international student numbers. Despite higher revenues of $111.4 million, the company faces challenges with decreased operating cash flows and a 25% drop in contract liabilities.
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