STI Education Systems Holdings Inc., the operator of a chain of schools in the country, on Wednesday said it had a net income of P82.6 million for the three months ending March 31, a turnaround from last year’s net loss of P211.6 million.
The increase in net income follows the group’s decision to prioritize students’ and employees’ welfare a year into the Covid-19 pandemic and related quarantines through different measures, including the implementation of work-from-home arrangements for employees and the continuation of its online classes for students, the company said.
Revenues, meanwhile, fell 16 percent to P606.59 million from last year’s P720.68 million.
“While it is vital to continue with the education of our youth even amid the pandemic, it is equally important for us to help make sure that our students and employees can continue doing their respective activities in a safe environment. This way, they can continue having the potential of achieving their goals even after the pandemic,” STI President and CEO Monico V. Jacob said.
The company’s cash and cash equivalents increased by P669.3 million or 80 percent due to the collection of tuition and other school fees from students and collection from the Department of Education for the senior high school vouchers and the Commission on Higher Education for the tertiary education subsidies.
“Learning should never stop at whatever stage in life, especially in the digital age. This is why we have invested in online learning systems even before this crisis, so that with the power of technology and with just minimal adjustment, we can still facilitate classes even with the pandemic,” said company chairman Eusebio H. Tanco.
“Through our online learning programs and by keeping our people safe, we hope to help them move forward and live meaningfully beyond the pandemic.”
Beginning school year 2020-2021, STI’s fiscal year starts on July 1 and ends on June 30 the following calendar year.