-- Global Education Communities (GEC.TO), a student housing developer and operator, after markets closed on Tuesday reported a swing to net income in the second quarter.
The company posted a net income of C$2.67 million in the second quarter, compared to net loss of $1.27 million in the corresponding year-ago quarter.
It reported total comprehensive income of $2.66 million in the second quarter, compared to total comprehensive loss of $1.29 million in the year-ago quarter.
The company also reported net income from continuing operations of $428,000 in the second quarter, compared to net loss from continuing operations of $1.48 million in the year-ago quarter. Net income from discontinued operations for the quarter was reported at $2.24 million, compared to net income from discontinued operations of $205,000 in the year-ago quarter.
Second-quarter total revenue was reported at $5.036 million, compared to near $5 million in the corresponding year-ago quarter.
"Our second quarter financial results for fiscal year 2026 were marked by the successful divestiture of the company's legacy educational assets and a steady increase in student housing revenue," said Toby Chu, Chairman, President and Chief Executive Officer of GECC.
Shares in GEC eased $0.01 to $0.32 in Canada yesterday.