• Boule vard Holdings losses narrow as sales jump

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    Boulevard Holdings Inc. narrowed losses after the resort developer posted higher sales, it said in a statement to the stock exchange.

    Net losses plunged to P168,160 in the first quarter of its fiscal year ending on May 31, down from P3 million a year ago.

    Room revenues jumped by 55 percent in the June-August period to P14.9 million, while sales from its food and beverage business rose 23 percent to P5.3 million, it said.

    In a separate disclosure, BHI said sales for the first four months of its fiscal year increased by 24 per cent to P24.7 million from the same three-month period in 2015.

    Higher sales was “mainly due to improved tourists arrival in the region,” referring to the operations of a 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 in the Visayan island.

    BHI expects the upbeat performance to continue in the next few months after upgrading its hotel rooms and other facilities, and from higher tourist visitors.

    Total costs and expenses during the first three months ending August rose by 17.65 percent to P21.3 million, it said, while total assets were up to P2.07 billion from P2.06 billion a year earlier.

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