FAR Eastern University, Inc. (FEU) reported an 81% rise in attributable net income to P462.631 million in the second quarter ending Nov. 30, due to a surge in college freshman enrolees.
In a regulatory filing on Monday, the listed university said its revenues during the September to November period grew 39% to P1.174 billion.
This brought FEU鈥檚 six-month attributable net income to P454.257 million, almost double the P227.7 million recorded during the same period in the previous year.
FEU said its year-to-date revenue rose 30% to P1.665 billion, driven by a 34% increase in educational revenues to P1.557 billion from freshmen enrolees.
鈥淸The increase is] mainly from educational revenues due to the return of freshmen enrolees in the tertiary schools. The current Academic Year (AY) marks the first batch of Senior High School graduates moving to college level,鈥 it said.
FEU said the new enrolees brought the FEU system鈥檚 student population to 39,892 in the first semester.
Expenses during the six-month period was up 14.5% to P1.134 billion, 鈥渄ue mainly to the increased student population during the current AY and the start of operations of FEU Alabang, Inc.鈥
The listed school operator said it is expecting to remain financially stable and meet its full-year target, 鈥淸w]ith the improvement in tertiary freshmen enrolment鈥 completion of various facilities construction and improvements, and a continuous effort to attain operational cost efficiency鈥.鈥 鈥 Denise A. Valdez
