By James A. Loyola
STI Holdings, which owns one of the largest networks of private schools in the Philippines, posted a net income of P131.8 million during the last three months ending September 30, 2018.
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In a quarterly report to the Philippine Stock Exchange, the company said that the amount is P138 million lower than the P269.8 million in net income it recorded during the same period last year.
Likewise, during the quarter ending September 30, 2018, the company said it generated gross revenues of P766.1 million, lower by 13 percent from the P883.9 million in the same period last year.
For the six-month period ending September 30, 2018, STI Holdings posted a net income of P51.7 million as against same period last year’s net income of P52.9 million. During the same period, it also generated gross revenues of P1.23 billion, lower by 11 percent or from the P1.37 billion posted in the same period last year.
STI Holdings said it posted favorable earnings despite a drop in enrollments this school year. A total of 85,797 enrolled for the academic year 2018-2019, which is 18.3 percent lower than the 105,031 enrollees during the previous year.
Meanwhile, the company’s assets amounted to P15.4 billion as at September 30, 2018, seven percent higher than the balance as at March 31, 2018.
“This was largely due to the increase in property and equipment as construction projects continued in full swing,” STI Holdings said.
The ongoing construction includes costs related to the construction of school buildings, which will be the new sites of STI Sta. Mesa, STI Pasay-EDSA, and STI San Jose del Monte.
It also covers the cost of the portion of STI Lipa building that is still being completed. STI Lipa started operations in the new building in August 2018, specifically in the ground up to the fourth floor.