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STI Education Systems fiscal Q4 profit climbs YOY

STI Education Systems Holdings Inc. said its normalized net income for the fiscal fourth quarter ended March 31 came to 80.4 million pesos, a gain from 30.8 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 rose to 12.8% from 5.6% in the year-earlier period.

Total revenue climbed 13.8% on an annual basis to 629.6 million pesos from 553.2 million pesos, and total operating expenses rose 11.9% year over year to 548.7 million pesos from 490.3 million pesos.

Reported net income rose from the prior-year period to 271.5 million pesos, or 2 centavos per share, from 71.2 million pesos, or 1 centavos per share.

For the year, the company's normalized net income totaled 4 centavos per share, a decrease of 20.8% from 5 centavos per share in the prior year.

Normalized net income was 396.9 million pesos, a decrease of 16.4% from 474.8 million pesos in the prior year.

Full-year total revenue grew 16.0% on an annual basis to 2.22 billion pesos from 1.92 billion pesos, and total operating expenses grew 18.0% year over year to 1.71 billion pesos from 1.44 billion pesos.

The company said reported net income rose 7.4% year over year to 731.7 million pesos, or 7 centavos per share, in the full year, from 681.1 million pesos, or 7 centavos per share.

As of July 14, US$1 was equivalent to 45.18 Philippine pesos.