LISTED Far Eastern University, Inc. (FEU) recorded P614.72 million in attributable net income to owners of the parent company for the September-November period of its fiscal year ending on May 31.
FEU’s attributable net income increased 4.3% from P589.33 million in the same period in 2020, the private non-sectarian learning institution said in its quarterly report released on Monday.
Its total educational revenues for the September-to-November period decreased 5.6% to P1.18 billion from P1.25 billion in the same period the earlier year.
The institution’s revenue from tuition fees fell 5.8% to P1.14 billion from P1.21 billion previously. Revenue from school fees decreased 1.1% to P37.83 million from P38.26 million in the same period a year earlier.
However, operating expenses declined 4.1% to P629.46 million from P656.27 million previously.
Its tax expense dropped 83.7% to P8.11 million from P49.89 million.
The institution’s year-to-date attributable net income (June to November) rose 30.4% to P574.36 million from P440.53 million previously.
Educational revenues for the period increased 2.6% to P1.57 billion from P1.53 billion in the same period in 2020. The institution said this is mainly due to the 14% uptake in enrollees and earlier timing of first semester classes for the school year (SY) 2021-2022.
“The group’s first half results showed significant improvement compared to the same period last year, as the FEU schools move toward the completion of the first semester/trimester of the current SY,” it noted.
“The FEU Group of schools continues to capitalize on its track record and proven capability to adapt to a remote learning environment; however, management remains cautious and continues to operate with prudence and due diligence,” the institution added.
Despite the rising number of coronavirus cases, the group remains optimistic about the possibility of resuming face-to-face classes, given the intensified vaccination program and efforts to gradually open the economy. — Arjay L. Balinbin
