STI Holdings posts P454.6M net income in fiscal first half ending Sept. 30, up 60%
STI Holdings Inc. on Friday reported a 60 percent jump in net income during the fiscal first half ending Sept. 30 from a year earlier on the back of higher number of students enrolled.
In an e-mailed statement, STI Holdings said net income reached P454.6 million P283.8 million.
Revenues totaled P826.9 million, 11 percent higher than the P742.1 million booked in the same comparable period as a result of an increase in the number of students of STI Education Services Group Inc. and its subsidiaries.
The company said its schools took in 71,195 students for school-year 2013-2014, up 2,832 from a year earlier, with more students going for four-year programs rather than the two-year courses.
“The four-year programs charge higher tuition and bring in more revenue per student,” the statement read.
Subsidiary iAcademy reported a 44 percent increase in tuition income as the school posted a 25 percent increase in the number of students enrolled.
STI Holdings said it is expanding its network with the acquisition of properties in Cainta in Rizal; Las Piñas City, Quezon City, Caloocan City, and Batangas City.
Last October, STI Holdings acquired West Negros University in Bacolod City which offers pre-elementary, elementary, secondary and tertiary education and graduate courses. – Danessa Rivera/VS, GMA News