Australia's ABC Learning enjoys good year

SYDNEY - ABC Learning Centres Ltd, Australia's largest private childcare provider, said its annual profit rose 86 per cent, buoyed by its continued expansion.

ABC, which owns centres in Australia and New Zealand and is moving into the US market, said net profit for the year to June 30 rose to A$81 million ($97.5 million) from A$43.5 million a year earlier.

ABC said earlier this month it had agreed to buy US-based Children's Courtyard LP for US$66 million as it continues to build up its presence in the US market.

Shares in ABC closed at A$$6.70 on Friday, and have fallen about 7 per cent so far this year, compared with a rise of about 5 per cent in the broader market.

- REUTERS