CEU swings to profitability with P71-M income

CENTRO Escolar University (CEU) registered a P71.46-million attributable net income in the first quarter as it recorded higher revenues early in its fiscal year, turning around from a net loss of P80.89 million last year.

The company’s financial year starts in June and ends in May of the following year.

For the three months that ended in August, the company’s topline reached P412.45 million, 73.8% higher than the previous year’s P237.27 million.

Tuition and other school fees contributed to the highest revenue with P360.27 million, a 65.35% jump from P217.88 last year, after the university booked P110.42 million income from other school services.

According to its quarterly report, income from other school services include fees for diploma and certificates, transcript of records, student handbooks, identification cards, entrance and qualifying examination, and various collections for specific items or activities.

Revenues from its auxiliary services climbed to P43.35 million in the quarter, more than four times the P9.07 million a year ago.

The company’s interest income was also higher at P603,646, climbing by 62.2% from P372,283 last year.

Meanwhile, CEU’s expenses were higher by 7.2% to P340.99 million in the quarter from P318.16 million in the same period last year.

CEU’s subsidiaries include Centro Escolar University Hospital, Inc., Centro Escolar Integrated School, and Centro Escolar Las Piñas.

On the stock market on Monday, shares in CEU lost 1 centavo or 0.13% to P7.69 apiece. — Justine Irish D. Tabile