For the October-December duration of its financial year ending on June 30 STI Education Systems Holdings, Inc. led by TANCO, posted a net attributable income of P90,32 million.
The private school operator listed in the publication at the Monday Bursary revealed that his net income was 40,4 percent lower than that recorded in the 2019 comparable timeframe by the business P151,65 million, owing to lower revenues.
STI Holdings announced its net sales of 22.2 percent to P632.42 million in the three-month timeframe compared to P813.23 million in 2019.
STI Holdings posted an attributable net loss of P112.32 million for the first six months of its fiscal year, the reversal from its sales of P307.67 million in 2019.
During the time its sales plummeted by 42,3%, down from P1,61 billion a year earlier to P929,06 million.
“The change in the beginning of school years for Senior School (SHS) and Higher School programs, as well as the smaller number of enrollees induced by the 2019 coronavirus pandemic effect and limitations (COVID-19) caused revenue decline,” the disclosure states.
“All classes within the STI Education Services Community, Inc. (STI ESG) and STI West Negros University, Inc. (STI WNU) began on Sept. 7, 2020 and SHS courses started in iACADEMY on Aug. 24, 2020.
According to the disclosure, STI Holdings overall school enrolment amounted to 70,223 pupils for the 2020-2021 year of school, down 16.4 per cent from the previous school year, as against 83,967 pupils.
To remind you, STI extended its fiscal schedule and now starts each first July of the year and finishes on the 30th June of the following year, to put its academic cycle into line with public and private education institutions’ academic calendars.
On Monday, shares of STI Holdings grew 1,22% or P0,005 to end at P0,415 percent on the bond.
17 percent of CEU NET Profits DIPS
Meanwhile, for the duration from October to December or a third quarter of its fiscal year ending in March as a consequence of lower incomes, Centro Escolar University (CEU) posted Net P109.41 million.
The university listed in a separate statement on Monday suggested that its net income was 17 percent below the net income in 2019 of P131,76 million.
Revenues declined 22.6 percent to P367.52 million during the three-month span compared to P474.60 million in 2019.
CEU posted Net Sales of P188,05 million for the first nine months of its financial year and reversed its net loss in the previous year of P14,57 million.
Revenues fell 6 percent in the same period from P968,36 million in 2019 to P910,32 million.