BOULEVARD Holdings Inc. said it narrowed its losses during the first half of its fiscal year after successfully regaining control over Friday’s Boracay Island Resort.
In disclosure to the Philippine Stock Exchange (PSE) on Tuesday, BHI, the property development arm of the Panlilio family, said that based on its consolidated statement of income, its losses narrowed to P7.7 million in the six months ending November last year from P10.98 million in the same period in 2014.
For its second quarter ending November, it reported a net loss of P4.5 million, also narrower than P8.7 million incurred during the same period the year before.
It said the losses were partly attributable to the slowdown in tourist arrivals during the period in review.
Revenues for the six-month period fell to P31.45 million from the P35.24 million recorded in the prior year.
In a separate disclosure, the company reported improved sales for the seven months to December. It said sales in the seven months increased by 31 percent to P44.19 million from P33.84 million in the same period in 2014.
In December 2015 alone, it said sales were up by 62 percent to P12.75 million.
BHI’s main business is mainly comprised of its hotel, leisure and tourism segment, Friday’s Holdings Inc. (FHI), the operator of the Boracay resort, which for 13 months was taken over by the former land owners, Mila Yap and Datu Yap, following a land dispute involving a 1,500-square meter beachfront.
Boulevard regained control of Friday’s Boracay in March last year.
“The management has continued to take actions that will further improve this segment,” it said.
“BHI [Boulevard] management believes that FHI hotel operations will gradually improve in the next few months after the hotel rooms and other facilities are rehabilitated to their normalcy together with the reemergence of patronage of the loyal customers of the resort,” it said in a report.
At present, only the Boracay resort is operational, with another resort, Friday’s Puerto Galera Inc., located on Boquete Island in Puerto Galera in Mindoro, still to open.
BHI said it also revived efforts to organize its planned third resort to be located in its property in Cavite. The operator of the resort will be called “Friday’s Paniman Inc.”
Boulevard further said it intends to acquire all the interest in Cala Paniman Inc. by way of a share-sale purchase agreement.
“BHI is purchasing Cala as a vehicle for prospective joint ventures in the resort property sector, with the right partners and compelling synergies,” it said.