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STI Holdings posts Php259 million in three-month net income

2018-02-14

 

STI Holdings posts Php259 million in three-month net income

 

MANILA – STI Holdings today reported a net income amounting to Php258.7 million during the past three months ending December 2017, which is about 218 percent higher than the Php81.4 million it posted during the same period the previous year.

 In a quarterly report submitted Tuesday to the Philippine Stock Exchange, STI Holdings said gross revenues during the same three-month period reached Php860.3 million, up by Php23.2 million from same period last year of Php837.1 million.  Gross profit likewise increased by Php24.1 million year-on-year.

 The company follows an April to March fiscal year mirroring that of an academic cycle in the Philippines since bulk of its income comes from its education services. The three months ending December 31, 2017 form part of the company’s third quarter period. 

 As for the entire nine-month period ending December 2017, STI Holdings said gross profit increased by Php63.1 million or 4 percent, year-on-year.

 The company also generated gross revenues of about Php2.2 billion, up by five percent or Php109.5 million from same period last year of Php2.1 billion.

 In June 2017, the company’s subsidiary STI Education Services Group (STI ESG) which manages STI-branded schools made the strategic decision to dispose of its 20% stake in Maestro Holdings in order to focus on its core business of providing quality educational services.

 As a result, equity in net gains/losses of said affiliate is no longer recognized after June 2017. The company consequently registered a net income during the second and third quarters bringing its nine-month income to Php88.5 million, even as it reported a net loss of Php440.0 million during the first quarter period ending June 30, 2017.

 The said loss was largely due to the costs its affiliate company PhilPlans incurred when it decided to adopt early the Insurance Commission’s mandated discount interest rate of six percent for valuing its pre-need reserves.

 STI Holdings’ total assets as of December 31, 2017 now stands at Php14.8 billion, more than half a billion higher than what was reported as of March 31, 2017.  

 Property and equipment increased to Php7.8 billion, which is 13 percent or Php919.4 million higher than March 31, 2017’s balance of Php6.9 billion.  This reflects the continuing expansion projects taken on by the company.

 For instance, STI ESG recently acquired parcels of land in Lipa and Legazpi amounting to Php99.1 million and Php76.4 million, respectively

 Construction projects are either just completed or ongoing in STI Malaybalay, STI Sta. Maria in Bulacan, STI Lipa, STI Sta. Mesa, STI Pasay-EDSA, and STI San Jose del Monte. 

 These projects are expected to be completed this year, in time for the influx of college freshmen who took up two years of senior high school, under the government’s K to 12 program.

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