FAR Eastern University Inc. (FEU) stands to gain over P50 million from share of investments in its subsidiary. The company disclosed on February 18 that it will be paid by its unit, East Asia Computer Center Inc. (EACCI), with a total cash amount of P50,319,741 as dividends. FEU owns 1,359,993 common shares of the latter.
EACCI has declared and approved a total cash dividend of P50.3 million, or P37 per share, to all common stockholders payable on March 15.
For the first three quarters of fiscal year 2014-2015, FEU reported that consolidated total comprehensive income was higher than recorded in the same period last year.
Combined net profit after tax for the nine-month period ended December 31, 2014, reached P772.2 million, 8 percent greater than P715.32 million in the same period ended December 31, 2013. The listed academic institution’s consolidated financial position and combined results of operations are expected to further improve this year.
For the current school year 2014-2015, FEU’s first and second semester/trimester enrollment increased by 7 percent. Total enrollment registered at 31,958 and 29,774 for the first and second semesters/trimesters, respectively.
Such increases are mainly from EACCI, FEU’s newest technical school. With the commencement of operations of this new school and recurring increase in overall enrollment, the group is bullish on surpassing its 2013-2014 consolidated net profit and further improve its consolidated financial position.