Listed resorts developer Boulevard Holdings Inc. (BHI) said it has recovered from a net loss in the first six months of its fiscal year on the back of stronger tourist arrivals in its Boracay resort.
In a financial report to the Philippine Stock Exchange on Thursday, BHI reported a 105.5 percent rise in its net income for the six month period ending November to P444,706 from the P8.01 million net loss registered in the previous year.
The company said the net income growth was “due to improved tourists arrival in the region for the period and the impact of the recovery of FHI property,” referring to the operations of the Boracay hotel of its affiliate.
The company has investments in Friday’s Holdings Inc., the owner and operator of Friday’s Boracay Island Beach Resort on Boracay Island.
Total revenues of the company generated from the sales of products and service of its Boracay hotel grew by 12.3 percent during the period to P35.97 million from P32.03 million a year ago.
The bulk of the sales came from room revenues, which increased by 9.73 percent in the six-month period to P23.75 million from the P21.64 million posted last year.
Revenues from the firm’s food and beverage business posted minimal gains, growing by 0.51 percent to P9.22 million from the P9.18 million in the previous year.
“BHI management believes that FHI hotel operations will continue to improve in the next few months after the hotel rooms and other facilities are rehabilitated to their normalcy together with the re-emergence of patronage of the loyal customers of the resort,” the company said.
The company said that it has continued to take actions in line with improving the revenues from its Boracay Island Beach Resort.
Among these initiatives to improving its revenues are the business development of Friday’s Puerto Galera, Inc., which will operate another Friday’s Boracay Island Beach resort to be located at Boquete Island in Puerto Galera, Mindoro; the planned business organization of Friday’s Paniman, Inc; and the acquisition of parcels of land at Boracay Island for future expansion.
BHI disclosed that it is still planning to acquire a 100 percent stake in Cala Paniman, Inc., a resort developer based in Cavite.
The planned acquisition will be through a share-sale purchase agreement, according to BHI.
“The BHI is purchasing Cala as a vehicle for prospective joint ventures in the resort property sector, with the right partners and compelling synergies,” the company said.