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Centro Escolar University swings to loss in fiscal Q1

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Centro Escolar University swings to loss in fiscal Q1

Centro Escolar University said its normalized net income for the fiscal first quarter ended June 30 was a loss of 2 Philippine centavos per share, compared with 2 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 7.7 million pesos, compared with income of 7.8 million pesos in the year-earlier period.

The normalized profit margin fell to negative 3.0% from 3.1% in the year-earlier period.

Total revenue climbed year over year to 256.5 million pesos from 246.6 million pesos, and total operating expenses climbed 15.3% from the prior-year period to 267.7 million pesos from 232.1 million pesos.

Reported net income totaled a loss of 12.3 million pesos, or a loss of 3 centavos per share, compared to income of 12.4 million pesos, or 3 centavos per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 43.92 Philippine pesos.