STI net income down 43% in fiscal year ending March

STI Education Systems Holdings Inc. reported a significant drop in net income for the fiscal year ending in March.

In a regulatory filing submitted by alternate corporate information officer Elizabeth Guerrero, STI reported a net income of P284.120 million—a 43.49% drop from P502.818 million recorded a year earlier.

Its revenue dropped 13.78% to P225.239 million from P261.256 million, while expenses grew 5.80% to P34.674 million from P32.772 million.

There was a nearly 10% drop in the number of students who enrolled in schools operated by STI.

It registered a total of 85,797 students enrolled during the academic year 2018-2019 of which:

• 40,752 in DepEd programs
• 1,843 in short-term TESDA courses
• 43,202 were enrolled in CHED programs

“SHS (Senior High School) enrollment also dropped significantly this year as the STI Network held the graduation of over 30,000 Grade 12 students who belonged to the first batch of SHS graduates under the K to 12 program of the government,” it said.

In the previous academic year, a total of 94,117 students enrolled in its schools.

GMA News Online has contacted STI Holdings for a statement on this development, but has received no reply as of this posting.

STI said it is ready to accommodate more students with the completion of four new campuses which are already accepting tertiary and senior high schools for the first semester of school-year 2019-2020.

The new campuses are STI Lipa, STI San Jose Del Monte, STI Sta. Mesa, and STI Pasay-EDSA.

“STI Holdings continues to reach out to more students by establishing greater presence in the provinces,” the disclosure read.

STI has over 70 schools nationwide, including over 60 STI-branded colleges, and 12 STI-branded education centers.

With its expansion program, STI said assets grew to P14.8 billion as of end March, higher by P359 million than the P14.4 billion the previous year.

The company counts the Information and Communications Technology Academy Inc., Attenborough Holdings Corporation, and Neschester Corporation as subsidiaries

As of 11:18 a.m. on Tuesday, shares of the company were trading at P0.82 per share, up 2 centavos or 2.50% from Monday’s close of P0.80 per share. —Jon Viktor Cabuenas/VDS, GMA News