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STI Education Systems profit misses consensus by 28.0% in fiscal Q3

STI Education Systems Holdings Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 186.6 million pesos, an increase of 96.9% from 94.8 million pesos in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 30.1% from 17.6% in the year-earlier period.

Total revenue grew 15.2% on an annual basis to 619.3 million pesos from 537.5 million pesos, and total operating expenses grew 13.9% year over year to 399.2 million pesos from 350.6 million pesos.

Reported net income rose from the prior-year period to 274.6 million pesos, or 3 centavos per share, from 130.4 million pesos, or 1 centavos per share.

As of Feb. 13, US$1 was equivalent to 44.23 Philippine pesos.