Our overarching goal is to establish a position of strength, providing ample room to pursue scalable business expansion with sustainable ability well into fiscal year 2025 and beyond. We firmly believe that this marks a pivotal step in driving forward-looking value creation for our stakeholders in the long-term. I’m fully aware that we are asking a great deal from our employees to work through the necessary change. And I deeply appreciate their [ph] support and ongoing commitment to deliver on our company’s purpose. I extend my heartfelt strategy to our talented global teams for their passion and steadfast dedication, which continues to drive our solid business and financial performance. With this note, I’ll turn the call over to Cindy.
Cindy Hui Zhang: Thank you, Robert. Thank you, Ruby. Let’s turn back to our financials. Please be reminded that all numbers are in RMB and all comparisons refer to year-over-year comparisons, unless otherwise stated. Please also refer to our earnings press release for detailed information for our comparative financial performance on a year-over-year basis. Please turn to Slide 13. We ended the fiscal — the first fiscal quarter with revenue up 7.6% to RMB572.7 million. Overseas Schools remain to be the best performing segment with revenue up 28.4% to RMB252.9 million. This is due to the recovery of overseas schools operating from the pandemic. For our Complementary Education Services segment, the growth has been steady. Revenue was up 12.8% to RMB210 million, which was primarily due to gradual recovery of our overseas study counselling business.
However, our Domestic Kindergarten and K-12 Operation Service has continued to experience a downward trend with revenue down 26.4% to RMB109.9 million. This is in line with our internal projections, and we anticipate this change to persist throughout the fiscal year. On Slide 14, cost of revenue for the fiscal quarter improved to 64.5% of total revenue compared to 66.2% of total revenue for the same fiscal quarter last year. The improvement was attributed of ongoing initiatives to enhance our cost structure. This enhancement of our cost structure along with the solid recovery momentum in our business, especially within the overseas schools segment lead to an upturn in gross profit and an improvement in gross margin. Our gross profit for the fiscal quarter was up 13.1% to RMB203.4 million, and the gross margin improved to 35.5% from 33.8% as shown in Slide 15.
Please move in to the Slide 16 to have a look at the improvement in our SG&A expenses. Our on-going efforts to optimize costs and operations at our headquarters are once again proving rewarding resulting in decrease in SG&A as a percentage of total revenue to 24.1% from 26.3%. Slide 17 shows our adjusted EBITDA was up 0.8% to RMB90.8 million. Adjusted net income was up 37.3% to RMB61.9 million, and net income was up 40.9% to RMB59.2 million. This improvement in our bottom line is of the improvement in our bottom line is our top priority. As we move forward, our focus remains on prudent cost management and strategic portfolio restructuring to optimize returns and strengthen our balance sheet and cash flow, which are essential for our future expansion in the years to come.
Lastly, please refer to Slide 19 for our management team. Slide 20 for the condensed income statement. Slide 21 for the consolidation for net income and EBITDA only GAAP to non-GAAP results and Slide 22 for our condensed balance sheet and cash flow statement. This concludes my financial updates and our prepared remarks. And I would like to open the call for questions. Operator. Thank you.
Operator: Now I will turn to Robert for his closing remarks.
Robert Niu: Okay. Thank you, operator. I’m excited about our opportunities and our future. I look forward to leading Bright Scholar to new heights and sharing our progress with all of you along our journey. Thank you very much for joining this conference call. Please feel free to contact us if you have any further questions. We wish everyone a good day. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
