STI Education Systems Holdings, Inc. (STI Holdings) reported its net income attributable to the parent went down 43% in its fiscal year ending March 2019 as revenues slipped alongside an increase in expenses.
In a regulatory filing, the company said its net income attributable to equity holders of the parent company ended at P281 million, slumping from P496 million for the April 2018 to March 2019 period.
Revenues dropped 11% to P2.753 billion during its fiscal year. Direct costs saw a 3% year-on-year increase to P1.048 billion, while operating expenses went up 10% to P1.309 billion.
However, STI Holdings said the value of its year-long assets grew to P14.8 billion from P14.4 billion the previous year, driven by the completion of its four new STI campuses.
The company opened STI Lipa, STI San Jose Del Monte, STI Sta. Mesa and STI Pasay-EDSA during the fiscal year. These schools are now accepting enrollees for the academic year 2019 to 2020.
“STI Holdings continues to reach out to more students by establishing greater presence in the provinces,” the company said.
The listed firm recorded a total of 85,797 enrollees across its schools during the academic year 2018 to 2019, falling 18% from the 105,031 students it took in last academic year.
Of this number, 43,202 entered programs under the Commission on Higher Education; 40,752 in programs under the Department of Education; and 1,843 in short-term courses under the Technical Education and Skills Development Authority.
STI Holdings operates STI Education Services Group (STI ESG), STI West Negros University and iACADEMY.
The company’s fiscal year officially ends on March 31 as its business is linked to the academic cycle. The academic year starts in June and ends in March, except for iACADEMY where the academic year starts in July for the tertiary level and August for the senior high school. — Denise A. Valdez
