STI Holdings posts 13% growth in gross revenues

STI Education Systems Holdings Inc. saw a 13-percent rise in gross revenues in the first nine months of its fiscal year ending December 2013 to P1.36 billion from the same period in 2012.

"The 13 percent increase in gross revenues resulted mainly from increase in the number of students of STI-Education Services Group and its subsidiaries from 68,363 last year to 71,195 this year," the company said in a statement.

STI Holdings owns STI Education Services Group, which operates one of the country's largest school networks and has a stake in Philippine Women's University.

STI's iAcademy brought in P91 million in revenues, while West Negros University in Bacolod City, which the company acquired last year, contributed P34.6 million from October to December 2013.

STI Holdings is continuing to expand its network, with a new branch in Ortigas-Cainta already up and running, a new campus in Caloocan just inaugurated and construction for new schools ongoing in Cubao, Lucena City and Calamba.

The group also acquired buildings and property in Batangas City for the upcoming STI College Batangas, the company said.

The company also expects to acquire a school in Mindanao in the first quarter. — BM, GMA News