STI Education System Holdings Inc., the owner of one of the largest networks of private schools in the Philippines, reported a net loss of P220 million in three months ending June, slightly lower than the net loss of P246 million in the same period last year.
STI said in a disclosure to the stock exchange gross Tuesday revenues for the three-month period declined 43 percent to P196.9 million from P334 million a year ago following the imposition of the enhanced community quarantine.
All the schools under its group conducted online classes starting April and were completed by end-July 2020. STI also moved the opening of its school year 2020-2021 to September 2020.
“As a result, the group incurred a significant decline in the revenues from tuition and other school fees and sale of educational materials and supplies,” STI said.
STI’s board approved to change its fiscal year to July 1 of each year and until June 30 the following year.
