LISTED hotel and resort developer Boulevard Holdings, Inc. (BHI) recorded a P155.51-million net loss during its fiscal year that ended on May 31 amid higher revenues.
“[The company logged a] net loss of P155.51 million for the current period as compared to net income of P539.7 million in 2022 mainly due to higher sales received but no sale of a portion of land for the current year,” BHI said in a regulatory filing on Wednesday.
Despite the net loss, BHI said its full-year total revenues rose 36% to P21.69 million from P15.98 million last year led by a 27% increase in room revenues, a 13% increase in food and beverage revenues, and a 357% increase in other revenues.
The company’s cost and expenses during its fiscal year fell 26% to P254.29 million from P344.34 million a year ago.
BHI’s main segment is hotels, leisure, and tourism via its subsidiaries Friday’s Holdings, Inc., owner and operator of Friday’s Boracay Island Beach Resort, and Friday’s Puerto Galera, Inc., owner and operator of Friday’s Puerto Galera Beach Resort.
According to the company, its management has continued to take action that would further develop its main segment such as the impending business development of Friday’s Puerto Galera at Boquete Island, Puerto Galera, Mindoro and of Friday’s Boracay Island Beach Resort.
It added that other efforts to reinforce its main segment include the re-possession of the property at Boracay, Aklan, and the latest acquisition of a parcel of land, building, and furniture and fixtures at Boracay Island and Siargao Island for further development that would further enhance future sales growth.
Shares of BHI at the local bourse were last traded on Oct. 13 at P0.054 apiece. The Philippine Stock Exchange imposed a trading suspension on BHI’s shares effective Oct. 16 after the latter failed to submit its annual report on or before the extended deadline of Sept. 28. — Revin Mikhael D. Ochave