Makati—(PHStocks)—iPeople Inc.’s (PSE: IPO) first quarter consolidated revenues dropped by 15% from PhP637 million in 2016 to PhP543 million in 2017. Consolidated net income also dropped by 35% to PhP147 million in 2017 from the PhP225 million posted in 2016. This is attributable to the significant drop in college freshmen enrollment as a result of the implementation of the K-12 program of the Department of Education.
To cushion the drop caused by the K-12 implementation, Mapua University and Malayan Colleges Laguna (MCL) offered Senior High School Programs. The design of the Mapua school’s senior high school curricula imbeds Internet of Things (IoT), ensuring that its students are competitive on a global scale. Mapua and MCL collectively took in 1,985 SHS students in the academic year 2016-2017.
“Based on the 1Q results, we are on track to meet our 2017 targets. Moving forward, iPeople anticipates a significant boost in returns as it continues to expand its reach and innovate its educational system to remain competitive in the global arena,” noted Dr. Reynaldo B. Vea, iPeople president. “The company invests in technology, not only to stay relevant in this digital age, but also to be in the forefront of innovation. Looking ahead, the company will continue and strengthen its commitment to excellence and the prominence of Mapua and its subsidiaries to drive iPeople’s profitability upwards.”
In the academic year 2017-2018, SHS grade 11 enrollment increased by an average of 22% across the two campuses. MCL Grade 11 enrollment increased by 33% with 1,338 enrollees, which is better than expected. Enrollment in Mapua University is still ongoing and as of today, total Grade 11 enrollment has reached 1,086.
The construction of the new Mapua campus in Davao is on track. The new campus can house a minimum of 8,000 students. By this time next year, Malayan Colleges Mindanao (a Mapua School), will be welcoming its first batch of freshmen and grade 11 students.