RTTNews | Oct 22, 2020 04:32AM EDT

04:32 Thursday, October 22, 2020 (RTTNews.com) - China's after-school tutoring services provider TAL Education Group (TAL), while reporting improved second-quarter results on Thursday, said it expects total net revenues for the third quarter to be between $1.06 billion and $1.09 billion.

The forecast represents an increase of 28 percent to 32 percent in revenues on a year-over-year basis.

The company said the estimates reflect its current expectation, which is subject to change.

Rong Luo, TAL's chief financial officer, said, "Although the second fiscal quarter was marked by the extended impact of the COVID-19 outbreak, we are encouraged to see that the public health situation and general economy began to improve in China, and offline teaching and tutoring gradually resumed during the summer months."

In the second quarter, the company recorded net income attributable of $15.0 million, compared to last year's net loss of $23.5 million. Adjusted attributable net income was $52.3 million, compared to last year's $5.3 million.

Net income per ADS was $0.02, and adjusted net income per ADS was $0.08 in the latest quarter.

TAL reported net revenues of $1.10 billion, representing a 20.8 percent increase from $913.2 million last year, mainly driven by an increase in total student enrollments of normal priced long-term course.

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