January 29, 2018 / 11:39 PM / a year ago

Australia's Navitas H1 profit plunges over 50 pct

Jan 30 (Reuters) - Australia’s largest listed private education provider Navitas Ltd said on Tuesday that its half-year net profit dropped more than 50 percent, hurt by college closures and lower demand for its English language programmes for migrants.

The firm said net profit after tax for the six-months ended Dec. 31 was A$24.7 million ($20 million), versus A$53.3 million a year ago, below a Deutsche Bank estimate for A$34.4 million.

The company had previously said it expected to be affected by the loss of some government contracts for migrant language classes last year, and the closure of two colleges in Australia.

It declared an interim dividend of 9.4 Australian cents per share, same as last year. ($1 = 1.2350 Australian dollars) (Repoerting by Rushil Dutta and Aaron Saldanha in Bengaluru; Editing by Himani Sarkar)

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