Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.
“The extension of classes due to a health break implemented by the city government had an effect on the net income reported for fiscal year 2022 with the deferred tuition fees and contract liabilities which will be recognized as revenue in June 2022 (fiscal year ending May 31, 2023),” CEU said.
Total revenues from contracts with customers grew by 14 percent to P1.3 billion as a result of the increase in tuition and other school fees as well as miscellaneous fees.
Tuition and other school fees (composed of tuition fees, other fees, and income from other school services) went up by 14.13 percent to P1.28 billion.
Enrollment in CEU’s three campuses reached 16,143 in the first semester and 15,211 for the second semester, up by 24.29 percent and 22 percent, respectively, year on year.
CEU said the total number of enrolled new students (first year and transferees) increased by 24.26 percent.