Listed resorts operator Boulevard Holdings Inc. yesterday reported a 50 percent drop in income from June to November due to losses from its Friday’s Boracay Beach Resort.
BHI said that it saw a 50-percent decrease in its first half net income to P26 million from P51.98 million a year ago.
BHI has been incurring losses in sales since February as hotel room rates in Friday’s Boracay has dropped from P11,000 a night to P8,500 a night.
For the month of November alone, the company’s profits went down 53 percent to P4.79 billion from P10.05 billion compared last year.
In a disclosure dated February 19, BHI said about one-third of Friday’s Boracay was forcibly occupied by 300 armed men led by the son of the resort’s former owners Datu Yap Sumndad and Mila Yap.
BHI said it paid a total of P65 million to the family of Datu Yap Sumndad and Mila Yap, as well as the Boracay Mayor John P. Yap in hope to resolve the Boracay dispute.
The completion of BHI’s Friday’s Puerto Galera hotel resort is also at a standstill being 65-percent done, not making any progress in construction since it was hit by Typhoon Yolanda in November last year.
The Puerto Galera hotel will resume construction in February next year as soon as Ayala Land Inc. (ALI) have settled its payments for a 400-hectare land area it is eyeing within BHI’s 3,000-hectare land in Puerto Azul in Ternate, Cavite. The 400-hectare land costs P2.3 billion, the firm said.
BHI’s resorts and hotels portfolio consist of Friday’s Boracay, Friday’s Boquete Beach Resort at Puerto Galera, Oriental Mindoro and Friday’s Puerto Azul.