PRIVATE school operator STI Education Systems Holdings, Inc. (STI Holdings) is changing its fiscal year in line with its shift in academic calendar.

The Tanco-led listed firm told the exchange on Tuesday its fiscal year will now begin every July 1 and end every June 30, against the previous schedule of starting every April 1 and ending every March 31.

“The operations of STI Holdings and its subsidiaries is linked to the academic cycle or the school year in the country. In recent years, the subsidiaries have started moving the school calendar to eventually align their respective academic cycles with that of public and other private higher learning institutions,” it said.

STI Holdings has submitted its short-period income tax returns and audited financial statements to the Bureau of Internal Revenue for the period from April to June 2020. Its current fiscal year will account for the period from July 2020 to June 2021.

In the three months from April to June, STI Holdings booked an attributable net loss of P220.36 million, slimmer than the P240 million in the same period last year, because of lower costs during the period.

However, its revenues dropped 43% to P196.89 million, attributable to lower tuition and school fees because of the shift to online classes.

With the ensuing coronavirus pandemic and the government’s lockdown to contain its spread, schools in the Philippines have implemented blended learning where nearly all activities are facilitated through online platforms.

The subsidiaries of STI Holdings have all implemented online classes this year, which started in August for iACADEMY and in September for STI Education Services Group and STI West Negros University.

But the company has not ruled out physical classes, which it may conduct as long as it follows safety guidelines required by the government.

STI Holdings has not yet reported its number of enrollees for the current academic year. In the school year 2019-2020, its total enrollees fell 2% to 83,967, accounting for students across STI Education Services Group, STI West Negros University and iACADEMY.

Shares in STI Holdings at the stock exchange chipped off 0.5 centavos or 1.61% to close at 30.5 centavos each on Tuesday. — Denise A. Valdez