FAR EASTERN UNIVERSITY, Inc. (FEU) incurred a net loss of P93.99 million in the first quarter of its financial year, more than twice the previous year’s P40.35-million loss, despite booking higher revenues.
FEU, whose fiscal year starts in June and ends in May of the following year, booked P421.95 million in revenues during the quarter, 3.5% higher than the P407.64 million in the same period last year.
The bulk of its revenue came from the educational segment, with net tuition fees amounting to P377.74 million, a 0.1% climb from P377.36 million in 2021. Rental revenue declined to P5.47 million, 50.5% lower than P11.06 million last year.
During the period, FEU registered higher operating costs. Its operating expenses climbed to P564.05 million, a 12.3% jump from P502.09 million last year. Its operating loss climbed by 50.5% to P142.06 million from P94.4 million a year ago.
Operating income was lower by 23.4% at P34,179 in the first quarter, from P44.609 in 2021. Its finance income fell by 38.3% to P36.61 million in the three months ended August, from P59.3 million in the previous year.
FEU is a 94-year-old Philippine-based proprietary educational institution that has seven institutes. It is the parent company to East Asia Computer Center, Inc., Far Eastern College-Silang, Inc., FEU Alabang, Inc., and FEU High School, Inc.
It holds interest in Roosevelt College, Inc., Roosevelt College Educational Enterprises, Edustria, Inc., and Fern Realty Corp.
On the stock market on Monday, shares in FEU closed unchanged at P530.50 apiece. — Justine Irish D. Tabile