CENTRO Escolar University (CEU) and Far Eastern University, Inc. (FEU) posted higher attributable net income in the second quarter after booking higher enrollment numbers, boosting revenues from tuition fees.
The fiscal year of both universities starts in June and ends in May of the following year.
In the three months that ended in November, CEU’s attributable net income grew by 43.43% to P152.01 million from P105.98 million in the same quarter a year earlier.
The company’s topline grew by 36.03% to P568.56 million in the second quarter from P417.95 million previously. The increase was on the back of a 35.14% growth in its revenues from tuition and other school fees to P563.2 million.
Along with the increase in its revenue, CEU also posted higher expenses in the quarter to P416.55 million, up by 33.52% from P311.97 million in 2021.
For the first semester, CEU’s net income grew by almost nine times to P224.46 million from P25.08 million last year. Its topline also went up by 49.7% to P981 million from P655.22 million.
Meanwhile, FEU’s second-quarter attributable income grew by 15.07% to P707.35 million from P614.72 million in the same quarter in 2021.
The university’s topline rose to P1.46 billion, up by 24.12% from P1.18 billion previously, after booking 25.9% higher revenues from tuition fees to P1.43 billion during the quarter.
FEU’s operating expenses likewise rose to P847.21 million, 34.59% higher than the P629.46 million it booked a year earlier.
For the six months ending in November, FEU’s attributable income reached P613.36 million, 6.79% higher than the P574.36 million it posted in the same semester in 2021.
FEU’s revenues rose by 19.02% to P1.87 billion in the first six months of its fiscal year from P1.57 billion in the prior year.
On the stock market on Thursday, shares in CEU climbed by 25 centavos or 3.87% to P6.54, while shares in FEU closed unchanged at P530.50 each. — Justine Irish D. Tabile