STI declares P250-M cash dividend

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LISTED school operator STI Education Services Group Inc. on Friday announced a cash dividend equivalent to P250 million or P0.80 per share.

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The dividends, to be sourced from unrestricted retained earnings as of March this year, will cover stockholders on record as of August 31 and payable on September 15.

As of the first quarter of the fiscal year ending March 2016, the company recorded a slower net income of P35.44 million from P39.56 million a year earlier despite registering higher operating revenues at of P414.88 million from P378.88 million.

STI recently turned 76 of its schools ready to offer senior high school programs under the K-to-12 education scheme, noting the development as an avenue for growth.

Chaired by Eusebio Tanco, the firm operates STI colleges nationwide as well as iACADEMY and the Makati Medical Center College.

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