STI 6-mth net income falls 60% to P182M

STI Education Systems Holdings Inc. said its net income for the first half of its current fiscal year dropped 60 percent because of higher expenses and loan interest payments.

"Net income for the [March to September] period declined to P182.4 million from P454.6 million due to increased depreciation expenses on completed school facilities, additional costs of utilities and security services, and substantial decline in the group’s equity share in net earnings of associates and joint ventures," STI said.