STI Holdings Inc. of businessman Eusebio Tanco said net income in October to December surged 218 percent to P258.7 million from P81.4 million a year ago.
STI said in a quarterly report filed with the Philippine Stock Exchange gross revenues reached P860.3 million in the three-month period, up from P837.1 million in the same period last year.
The company follows the April-March fiscal year, mirroring that of an academic cycle in the Philippines. The three months ending December 2017 represent the company’s third-quarter period.
The education company said for the entire nine-month period ending December 2017, gross revenues rose 5 percent to P2.2 billion from P2.1 billion a year earlier, while net income slid 86 percent to P88.5 million from P624 million in the same period a year ago.
The company’s subsidiary STI Education Services Group which manages STI-branded schools sold a 20-percent stake in Maestro Holdings in June 2017 to focus on its core business of providing quality educational services.
Equity in net gains/losses of said affiliate was no longer recognized after June 2017.
The company said it continued to expand its business with STI-ESG’s recently acquired parcels of land in Lipa and Legazpi amounting to P99.1 million and P76.4 million, respectively.
Construction of projects were either recently completed or ongoing at STI Malaybalay in Bukidnon, STI Sta. Maria in Bulacan, STI Lipa in Batangas, STI Sta. Mesa in Manila, STI Pasay-Edsa and STI San Jose del Monte in Bulacan.
These projects are expected to be completed this year, in time for the influx of college freshmen who took up two years of senior high school under the K to 12 program.
Share price of STI closed lower by 2.03 percent Thursday to P1.45.