LISTED academic institution Far Eastern University Inc. (FEU) will be adjusting its appropriated retained earnings as of end of this month to P2.035 billion.
As per FEU’s disclosure on Wednesday, the resolution for the budgetary adjustment filed by its board of trustees shows that property acquisition and adjustment will get a lion share of P1.54 billion. Meanwhile, P330 million is reserved for the expansion and improvement of facilities of the university.
FEU is allotting P58.27 million for the purchase of equipment and furniture; P90 million for general retirement; P10 million for contingencies; and P3.73 million for Treasury shares.
“Fully aware of the importance of education to nation-building, FEU is committed to continue to uplift academic standards even more,” the university said in a previous regulatory filing. “This will be done through continuously updating curricula, developing faculty, improving services to students and providing the best educational facilities.”
For the nine-month period ending December 31, 2014, the company reported an 8-percent growth in consolidated net profit after tax to P772.2 million from P715.32 million during the same period in 2013.
Retained earnings increased by 8 percent to P4.05 billion as of end last year from P3.74 billion in March 31, 2014.
The combined financial position and results of operations of FEU are expected to further improve this year.
Apart from FEU’s main campus in Sampaloc, Manila, it also has other colleges and schools, namely, FEU-East Asia College; FEU-Dr. Nicanor Reyes Medical Foundation; FEU-FERN (Nicanor Reyes Educational Foundation) College in Diliman, Quezon City; FEU-Silang, Cavite; and FEU-Makati.
For the current school year 2014-2015, 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.