BOULEVARD Holdings, Inc. (BHI) has swung to a net profit in the first quarter of its fiscal year ending August 2019 after recording a surge in revenues.

In a regulatory filing yesterday, the listed firm said its attributable net income in the June-to-August period stood at P1.78 million, a turnaround from the P5.59 million in losses it saw the previous year.

This was driven by a revenue jump in the three-month period to P32.82 million, nearly five times more than the P7.15 million posted a year earlier.

However, the company still saw a net loss of P4.4 million during the period, slimmer than the past year’s P6.87 million, as net loss attributable to non-controlling interests increased to P6.17 million from P1.28 million previously.

The increase in consolidated revenues is mainly from its leisure and tourism related business through its operations of Friday’s Boracay Beach Resort and Friday’s Puerto Galera Beach Resort. This segment recorded sales of P24.57 million during the period to jump 244%, largely because of the reopening of Boracay island.

“BHI management believes that (Friday’s Holdings, Inc.) hotel operations will continue to improve in the next few months due to the opening of Friday’s Puerto Galera Beach Resort,” it said.

“BHI management further believes that it will improve the patronage of the loyal customers of both Friday’s Boracay Beach Resort and the recently opened Friday’s Puerto Galera Beach Resort,” it added.

Expenses in the three months nearly tripled to P36.76 million from P12.91 million in the same period a year ago. — Denise A. Valdez