Boulevard Holdings incurs nearly P6-M loss as resorts remain closed
LISTED Boulevard Holdings, Inc. incurred a P5.85-million net attributable loss for the third quarter of its end-May fiscal year as the company’s resorts remain temporarily closed amid the pandemic, the company said in a regulatory filing on Friday.
The net loss during the December-to-February period was 8.5% higher than what the holding firm incurred in the same period in 2019 at P5.39 million.
Third-quarter revenues declined to P65,625 versus the P28.49 million generated a year earlier due to the temporary closure of Friday’s Boracay Beach Resort and Friday’s Puerto Galera Beach Resort.
For the nine-month period, the net attributable loss amounted to P19.34 million, 28.4% lower than the P27.01-million loss incurred for the comparative period in 2019. Revenues also slowed to P196,875 from P67.97 million.
“Lower occupancy rates are expected even after the crisis,” Boulevard Holdings said.
The company plans to reopen Friday’s Puerto Galera Beach Resort by the last week of April, while Friday’s Boracay Beach Resort is scheduled to reopen in the last quarter of the year.
“COVID–19 (coronavirus disease 2019) has caused the group to re–assess and implement new procedures to address the risks upon the reopening of both Friday’s resorts,” the company added.
On Friday, shares of Boulevard Holdings at the stock exchange went up by 1.11% or P0.001 to close at P0.091. — Keren Concepcion G. Valmonte
