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Friday, March 29, 2024

STI Holdings says income down by 9.9% to P502.8-millions

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STI Holdings Inc., owner of one of the biggest networks of private schools in the country, said net income dipped 9.9 percent to P502.8 million in the year ending March 2018 from ₱558.4 million a year ago.

STI in a disclosure to the stock exchange attributed the decline largely to the substantial increase in interest expenses from the P3-billion bond offering of unit STI Education Services Group.

Revenues reached P3 billion, up five percent from P2.93 billion a year ago, as its schools managed to sustain positive enrollment numbers for the academic year 2017-2018.

STI Holdings follows an April-to-March fiscal year mirroring the academic cycle in the Philippines since the bulk of its income comes from education services.

A total of 105,031 students for the school year 2017-2018 enrolled in schools within the company’s network, up by 1,304 from 103,727 students in the previous school year. Senior high school students make up 55 percent of the total student population, while college students in Commission on Higher Education programs account for 42 percent.

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STI-ESG in 2017 issued P3 billion in fixed-rate bonds out of its P5-billion bond shelf registration approved by the Securities and Exchange Commission.

It used the proceeds from the bond offering to expand STI ESG campuses, refinance short-term loans incurred for the acquisition of land, and other general corporate requirements.

STI ESG acquired parcels of land in Lipa City and Legazpi City valued at ₱99.1 million and ₱76.4 million, respectively, as part of the company’s aggressive expansion program. 

Construction projects in Sta. Maria, Bulacan and Malaybalay, Bukidnon were completed in January 2018, work on the new sites of STI Lipa, STI Sta. Mesa, STI Pasay-EDSA and a green field school in San Jose del Monte is also in full swing.

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