Koolearn sees profits surge by 467.9% | investinchina.chinadaily.com.cn

Koolearn sees profits surge by 467.9%

By Sun Chi chinadaily.com.cn Updated: 2023-01-19
Dong Yuhui, a livestreamer at Koolearn, a subsidiary of New Oriental Education and Technology Group, works through an online platform in Beijing in June. [Photo provided to China Daily]

Koolearn Technology Holding said on Wednesday in its interim result announcement that its gross profit from continuing and discontinued operations increased by 467.9 percent to 982.5 million yuan ($145.03 million) in the six months ending on Nov 30, 2022, with the profit before tax reaching 755.29 million yuan.

The announcement has been published for the first time since 2021 when Koolearn, the education giant, started livestreaming its e-commerce business, mainly selling agricultural products under the label Dongfang Zhenxuan or Oriental Selection.

Koolearn said in the announcement, its performance growth is largely attributed to the success of its agricultural products and livestreaming business. In the six months ending on Nov 30, Dongfang Zhenxuan had more than 60 self-run agricultural products, bringing in a revenue of over 1 billion yuan. The gross merchandise volume had surpassed 4.8 billion yuan.

On Jan 5, 2023, the company proposed to change its name from"Koolearn Technology Holding Limited" to "East Buy Holding Limited" to better reflect the direction in which the company's current business is developing and future outlook.