LISTED educational institution STI Education Systems Holdings, Inc. posted an attributable net income of P20.29 million during the first quarter of its new fiscal year, reversing the P42.37-million net loss a year ago amid higher revenues.
In a regulatory filing on Tuesday, STI Holdings said its revenues from July to September reached P650.65 million, higher by 30% from the P500.35 million it posted in the same quarter in the previous fiscal year.
STI Holdings’ financial year, consistent with its academic calendar, starts on July 1 and ends on June 30 of the following year.
“The increase was primarily driven by the 27% increase in the total number of students of the Group for SY (school year) 2023-2024,” the company said.
According to the company, the student population for SY 2023-2034 reached 119,543 compared to 94,312 enrollees in the previous SY.
“Revenues from educational services and royalty fees both increased by 22% attributed to the 14% increase in the student population of franchised schools for SY 2023-2024,” STI Holding said.
As described by the company, revenues from educational services are derived as a percentage of the tuition and other school fees collected by the franchised schools from their students, the Department of Education, and the Commission on Higher Education.
At the local bourse on Tuesday, shares of STI Holdings went down by P0.005 or 1.09% to close at 45 centavos each. — Sheldeen Joy Talavera