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Far Eastern University fiscal Q4 profit climbs 32.2% YOY

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Far Eastern University fiscal Q4 profit climbs 32.2% YOY

The Far Eastern University, Inc. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 12.03 Philippine pesos per share, an increase of 32.2% from 9.10 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 198.1 million pesos, a gain of 32.2% from 149.9 million pesos in the year-earlier period.

The normalized profit margin climbed to 22.5% from 20.1% in the year-earlier period.

Total revenue grew 18.1% year over year to 882.0 million pesos from 747.1 million pesos, and total operating expenses rose 14.3% on an annual basis to 638.2 million pesos from 558.3 million pesos.

Reported net income increased 72.0% from the prior-year period to 286.3 million pesos, or 17.39 pesos per share, from 166.4 million pesos, or 10.10 pesos per share.

For the year, the company's normalized net income totaled 43.63 pesos per share, a gain of 20.5% from 36.20 pesos per share in the prior year.

Normalized net income was 718.5 million pesos, an increase of 20.4% from 596.5 million pesos in the prior year.

Full-year total revenue increased 13.9% on an annual basis to 2.77 billion pesos from 2.44 billion pesos, and total operating expenses increased 10.0% year over year to 1.77 billion pesos from 1.61 billion pesos.

The company said reported net income grew 20.3% year over year to 1.03 billion pesos, or 62.48 pesos per share, in the full year, from 855.0 million pesos, or 51.89 pesos per share.

As of July 15, US$1 was equivalent to 45.29 Philippine pesos.