iPeople Inc.’s profits up 23% to P146.7M in Q1

May 17, 2013 10:41 pm 

MANILA, May 17 — Listed iPeople Inc. posted a 23-percent increase in net income in the first quarter of 2013 driven mainly by higher education revenues.

In a disclosure, iPeople said its earnings reached P146.7 million from P119.27 million during the same period last year also due to marginal increase in operating expenses and lower interest expenses.

Total education-related revenues topped P450.4 million from January to March, 13 percent higher than P398.58 million last year.

Malayan Colleges Inc. and Malayan Colleges Laguna continue to benefit from a higher-than-expected enrolment intake in their respective entering classes.

Hardware and information technology reselling revenues reached P27 million, 30 percent lower than the P20.77 million last year.

Total revenues rose by nine percent to P477.4 million from P437.98 million

Costs and expenses were up minimally by three percent to P300.7 million for the quarter from P291.94 million in 2012.

iPeople continues to expect enrolment to remain strong. Freshman intake at the Malayan Colleges Laguna is tracking 25 percent higher than in 2012, while that at the Malayan Colleges Inc. is tracking 13 percent.

iPeople Inc. is the holding company of Malayan Colleges Inc. and subsidiaries, and Pan Pacific Computer Center. (PNA)

DSP//LDV

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