2018-11-16
MANILA STI Holdings, which owns one of the largest networks of private schools in the Philippines, posted a net income of ₱131.8 million during the last three months ending September 30, 2018.
In a quarterly report to the Philippine Stock Exchange submitted Wednesday, the company said that the amount is ₱138 million lower than the ₱269.8 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 ₱766.1 million, lower by 13 percent or ₱117.8 million from same period last year of ₱883.9 million.
For the six-month period ending September 30, 2018, STI Holdings posted a net income of ₱51.7 million as against same period last year’s net income of ₱52.9 million. During the same period, it also generated gross revenues of ₱1.23 billion, lower by 11 percent or ₱145.5 million from same period last year of ₱1.37 billion.
STI Holdings 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 in its disclosure.
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.
The remaining works from the 5th floor up to the roof-deck are expected to be completed by end of November 2018 while the basketball gymnasium at the 7th floor is expected to be completed in January 2019. The rest of the aforementioned buildings are expected to be operational in January 2019.
As at September 30, 2018, the building, machineries and equipment accounts include costs incurred for the land development and building of iACADEMY’s Yakal campus. The building opened and was launched as iACADEMY Nexus on February 12, 2018 and is now operational.
