STI Holdings Inc. (STI) announced it narrowed its losses for the first quarter of its fiscal year as it recorded a P47.61 million for the first three months this year, a significant reduction from its loss of P116.73 million in the same period last year.

The company also posted revenues of P500.35 million for the three-month period ending on Sept. 30, 2022, up 34 percent from P372.80 million last year.

The increase in revenues was mostly brought about by higher number of enrollees, sales of education materials and supplies, and enrollment mix improvement, as most of the students are of the tertiary level.

The company said that enrollment in its network reached 94,312 students this school year, up by 14 percent compared with 82,629 for the school year 2021-2022.

New students contributed significantly to the increase in enrolment as they reached a total of 41,565 for this school year, an increase from 35,566 registered in 2021.

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STI's fiscal year starts on July 1 of every calendar year and ends on June 30 of the following year, as it is an educational institution.