Quantcast
Latest Stories

STI nets P185.3 million in 2nd quarter

By

Photo from STI website

MANILA—STI Education System Holdings Inc. grew its net profit in the quarter ending June by 41.8 percent year-on-year to P185.3 million on higher student enrollment as well as longer and more expensive education programs.

For the three-month period, STI reported an increase of 4 percent in the number of students to 71,195 for this school year 2013-2014 compared to the previous school year, based on a report to the Securities and Exchange Commission.

In peso terms, STI increased its net income by P54.7 million and revenues from tuition by P24.70 million during the quarter compared to the same period last year.

Apart from the increase in enrollees, the network reported a favorable enrollment mix in 2013, with more students preferring to enroll in STI’s four-year programs than the two-year programs. The four-year programs charge higher tuition and bring in more revenue per student.

“Ratio in 2013 was 75 percent four-year programs and 25 percent two-year programs, as compared to 70 percent and 30 percent, respectively, in 2012, ” STI reported.

The higher enrollment translated to an 11 percent increase in revenues from tuition and other school fees to P252.4 million from the level a year ago.

STI also reported P42.8 million in revenues from educational services, 7 percent higher more than a year ago.

On the other hand, cost of educational services declined by 7 percent to P83 million year-on-year due to the decrease in the faculty salaries and other direct expenses.

STI Holdings is in the middle of a massive expansion program, in anticipation of further increase in enrollments in the coming years. The Ortigas-Cainta campus has been completed and the planned transfer of the headquarters of STI ESG has been implemented. The school campus is now in operation. The 11-story Caloocan campus has also been completed and will be ready by the end of October this year.

Construction of STI Cubao has also started and is expected to be completed by March 2014. STI further plans to construct new buildings for five campuses located in Cagayan de Oro, Calamba, Cebu, Davao and Lucena. Due diligence audit for the purchase of a university in the Visayas has also been completed

STI has also invested in a number of expansion projects for company-owned campuses including a 5,000-square-meter property at the heart of the central business district of Naga City.

The company likewise “remains on the lookout for existing tertiary schools for possible mergers, acquisitions, or both.”


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , profitability , STI



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Saudi Arabia reports 3 more deaths from MERS virus
  • Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  • Why are Americans obsessed with missing plane?
  • Napoles to have surgery on Tuesday – report
  • Mayor’s assassination linked to black sand mining controversy
  • Sports

  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • Marketplace