REC is a land developer disguised as an education provider. Not very different from various tech companies where they use 1 portion of the biz to acquire customers (eg. ride hailing at Grab) and then seek to monetize them to earn profit at another (super app)
ANNUAL GENERAL MEETING TO BE HELD ON 30 OCTOBER 2021 RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS
We note that in FY2021, profit before tax amounted to $29.9 million, but this included $13.8 million of fair value gains on investment properties, and another $28.4 million in gains from disposals of investment properties, subsidiaries and AFS securities under "other operating income".
Without these unrealised fair value gains and one-off gains from disposals, there would have been a loss before tax of $12.4 million. We estimated that over the last 10 years, cumulative profit before tax from continuing operations was $213.6 million, while cumulative fair value gains on investment properties amounted to $208.6 million, and cumulative one off gains/losses from disposals of investment properties, subsidiaries and AFS securities amounted to $157.3 million.Without the fair value gains and other one-off gains/losses included in other operating income, the group would have cumulative losses before tax of $152.2 million
https://links.sgx.com/FileOpen/RE%20-%20...eID=688222