STI posted losses of P203.045 million from July to September this year, up by 31 percent from its net loss of P155.298 million during the same period last year.
Revenues plummeted 63 percent to P296 million from July to September 2020 from P797 million a year ago.
But expenses were cut by only 22 percent to P463 million from July to September this year from the same period a year ago.
Total current liabilities rose by 90 percent to P2.713 billion as of September 30, 2020 from ₱1,429.9 million as of June 30, 2020, mainly due to the P1.029 billion increase in unearned tuition and other school fees.
STI blamed its losses on the delay in opening of classes July to September this year to comply with the protocol requirements to control the spread of COVID-19.
Student enrollees inn STI dropped 16 percent to 70,223 in school year 2020-2021 from 83,967 in school year 2019-2020 – STI Eductaion Services Group (down 16 percent to 62,490 students), iAcademy (down 16 percent to 2,566) , and STI West Negros University (5,585).
STI suspended the operations of four of its colleges in Cebu, Iloilo, Quezon Avenue and Tuguegarao and one franchise in Paranaque.
STI stopped the operations of seven franchises in Pagadian, Bohol, Recto, Zamboanga, Pasay, Dipolog, and San Francisco.
It said these schools were not viable “due to low enrolment turnout and/or the high cost of rental of facilities.”