Offcn Education Technology, a vocational training company based in Beijing, has reported a projected increase in quarterly profit and has forecasted strong demand for the remainder of the year.
In morning trading on Thursday, the company's Shenzhen-listed shares rose by 9.7% to 4.20 yuan, thereby reducing losses to less than 10% for the year.
In a recent stock-exchange filing, Offcn revealed that it expects to achieve a net profit of CNY133.0 million ($18.2 million) to CNY173.0 million in the third quarter. This figure is significantly higher than the net profit of CNY68.2 million posted during the same period last year. Furthermore, it surpasses the net profit of CNY82.0 million secured in the first half of 2021.
As a company that specializes in assisting students with securing jobs in the public sector and offers courses to help prepare for a national civil service exam, Offcn also noted that it anticipates benefiting from an "increase in industry demand" in the fourth quarter. However, no specific details were provided regarding this anticipated increase.
To remain competitive, Offcn recently introduced classes taught using artificial intelligence and expressed its intention to continue investing in AI-related products.