Boulevard Holdings, Inc. (BHI) said it finally recorded sales of products and services in the six months ending November this year, representing a 100% increase compared with last year.
In a regulatory filing on Wednesday, the company said it booked P5.92 million in the six months ending November. Meanwhile, sales logged for November alone totaled P1.86 million.
“Friday’s Puerto Galera Beach Resort reopened in May 2021 and temporarily stopped its operations from August to September 2021. Friday’s Puerto Galera Beach Resort is open and welcoming returning and new guests as of to date,” Boulevard Holdings said.
Meanwhile, Friday’s Boracay Beach Resort is still closed. BHI said it plans to reopen the Boracay resort in February next year, “depending on tourist arrivals in the country.”
BHI shares at the stock market were last traded on Oct. 13, closing at 0.063 centavos apiece.
In a separate disclosure, the company said trading of its shares will resume once it submits its annual report for the fiscal year ending May 31, 2021 and subsequent quarterly reports.
“Since we have been advised by [Alas Oplas Co. & CPAs] that it shall complete its tasks latest end January, we foresee that the company’s submission of the PSE and SEC reportorial requirements by early February,” Boulevard Holdings President and Chairman Jose Marcel E. Panlilio said.
“Rest assured the company’s assets and investments are sound and intact, in the most riskless state possible without bank debt or tax claims,” he added.
The company’s latest quarterly report covered the nine-month period ending Feb. 28, 2021. Boulevard Holdings trimmed its net attributable loss to P19.34 million from P28.01 million logged in the previous year.
Its revenues stood at P196,875, down from the P67.97 million logged in the same period a year ago.
“In fact and in truth, our 2021 is nearly complete and ready, but our auditor has implemented a delay, because the government recently wished to also review 2020 statements,” Mr. Panlilio said.
“The reason for this very cautionary state is that Alas Oplas Co. & CPAs have been chosen by the SEC Oversight Assurance Review (SOAR) Inspection Program, which is effectively a quality assurance audit by the government over our own auditor,” he added.
The government adopts the SOAR Inspection Program on audit firms handling publicly listed companies. The program entails an on-site review of the auditor’s quality control policies and procedures.
“The SOAR was completed Nov. 26, 2021 but they await the official report end of December. An inflection point that will also cause delay is that the auditor has newly acquired audit software called CaseWare which they deployed for our 2021 statements,” Mr. Panlilio said. — Keren Concepcion G. Valmonte
