TANCO-led STI Education Systems Holdings, Inc. recorded a P90.32-million attributable net income for the October-December period of its fiscal year that ends on June 30.
In a disclosure to the stock exchange on Monday, the listed private school operator disclosed that its net income is lower by 40.4% than the P151.65 million it posted in the similar period in 2019 due to fewer revenues.
STI Holdings said its total revenues during the three-month period fell 22.2% to P632.42 million against P813.23 million in 2019.
For the first six months of its fiscal year, STI Holdings recorded an attributable net loss of P112.32 million, a turnaround from the P307.67-million income it had in 2019.
Its revenues during the period dropped 42.3% to P929.06 million against P1.61 billion a year ago.
“The shift in the start of the school year for the senior high school (SHS) and tertiary programs, and the lower number of enrollees brought about by the impact of and restrictions implemented due to the coronavirus disease 2019 (COVID-19) pandemic resulted in the decrease in revenues,” the disclosure said.
“All classes in STI Education Services Group, Inc. (STI ESG) and STI West Negros University, Inc. (STI WNU) started on Sept. 7, 2020, while SHS classes in iACADEMY started on Aug. 24, 2020 and tertiary classes started on Aug. 28, 2020,” it added.
According to the disclosure, the total enrollees of schools under STI Holdings reached 70,223 students for school year 2020-2021, down 16.4% compared to 83,967 students in the previous school year.
To recall, STI changed its fiscal year and now begins every July 1 of each year and ends on June 30 of the next year, in an effort to align its academic cycle with the academic calendars of public and private education institutions.
On Monday, STI Holdings shares at the stock exchange rose 1.22% or P0.005 to close at P0.415 apiece.
CEU NET INCOME DIPS 17%
Meanwhile, Centro Escolar University (CEU) reported a P109.41-million net income for the October-to-December period, or the third quarter of its fiscal year that ends in March due to lower revenues.
In a separate disclosure on Monday, the listed university said its net income for the period is 17% lower than the P131.76-million net income it had in 2019.
Its revenues for the three-month period fell 22.6% to P367.52 million against P474.60 million in 2019.
For the first nine months of its fiscal year, CEU recorded a P188.05 million net income, reversing its net loss of P14.57 million in the previous year.
Revenues for the period declined 6% to P910.32 million, from P968.36 million in 2019.
CEU stocks fell 1.81% or 12 centavos to end at P6.52 each on Monday. — Revin Mikhael D. Ochave
