STI EDUCATION Systems Holdings, Inc. managed to shrink its attributable net loss in the past quarter to P42.37 million from the P114.23 million loss incurred last year after recording higher revenues.
In a press release on Thursday, the listed company said that in the three months ending September, its revenues reached P500.35 million, up by 34.2% from P372.8 million a year ago.
STI Holdings’ fiscal year, which follows its school year, starts on July 1 of every year and ends on June 30 of the succeeding year.
“The increase in revenues was mostly brought about by the increase in enrollment as well as improvement in the enrollment,” the company said.
For the school year 2021-2022, STI Holdings recorded 94,312 enrollments, which is higher by 14.1% than the 82,629 enrollments registered last year.
“New students contributed significantly to the increase, as they reached a total of 41,565 compared to the number of new students in the previous school year of 35,566, presenting a 17% increase,” STI Holdings said.
During the period, revenues from tuition and other school fees amounted to P370.4 million, 21.9% higher than the P303.79 million in 2021. Sales from education materials and supplies surged by more than five times to P68.28 million from P12 million a year ago.
STI Holdings incurred P540.66 million in total costs in the quarter, up by 14.4% from P472.77 million last year.
STI Holdings has three subsidiaries, namely: STI Education Services Group, STI West Negros University, and iAcademy.
On the stock market on Thursday, shares in STI Holdings added 1.56% to P0.325 apiece. — Justine Irish D. Tabile
