Raffles Education (SGX:NR7) reported a net loss of SG$6.1 million for the fiscal year ended June 30, reversing a net profit of SG$4.4 million a year earlier, according to a Friday Singapore Exchange filing.

Shares of the company dropped over 9% in late-morning trade Monday.

The company attributed the loss to a SG$29.4 million one-time non-cash write-off related to the disposal of Raffles Hefei, a SG$10 million net foreign-exchange loss and SG$10.87 million in income tax expense.

Revenue for the year fell 4% to SG$106.8 million from SG$111.7 million.