iPeople Inc. posts 25% increase in Q1 net income

iPeople Inc., owner and operator of Malayan Colleges (formerly Mapua Institute of Technology), increased its net income by 25 percent to P146.7 million in the first quarter from a year earlier, the company said Friday.

 

Total education-related revenues went up by 13 percent to P450.4 million in the same comparable period as Malayan Colleges Inc. and Malayan Colleges Laguna posted higher than expected enrollment intake, the company noted in a disclosure to the Philippine Stock Exchange.

 

Hardware and IT-reselling revenues went up by 30 percent to P27 million.

 

The company said total revenues rose by 9 percent to P477.4 million.

 

Costs and expenses were up by 3 percent to P300.7 million. Operating profit rose by 21 percent to P176.7 million due to tight cost management while operating margins rose to 37 percent from 33 percent.

 

Net interest expense dropped 96 percent due to lower loan rates which resulted in lower interest charges year-on-year and the use of surplus cash flow to reduce debt.

 

Income before tax rose 25 percent to P176 million while net margins improved from 27 percent to 31 percent for the period.

 

The company expects enrollment to remain strong this year as freshman intake at Malayan Colleges Laguna is tracking 25 percent and the incoming class at Malayan Colleges is tracking 13 percent higher than in 2012. — Danessa Rivera/VS, GMA News