REAL ESTATE group Boulevard Holdings, Inc. managed to trim its losses to P7.19 million for its end-November second quarter, or down 22.41% from the P9.27-million attributable net loss in the same period the previous year.
The decline comes as the company posted gross revenues of P65,625, significantly lower than the P14.55 million recorded a year earlier, the company’s quarterly financial report filed on Monday showed.
Boulevard Holdings said this is due to the temporary closure of Friday’s Boracay Beach Resort and Friday’s Puerto Galera Beach Resort due to the travel restrictions amid the pandemic.
“[The depreciation in] cost of sales is mainly due to depreciation expenses incurred from the property and equipment of Friday’s Puerto Galera Beach Resort,” Boulevard Holdings reported.
Its general, administrative and selling expenses meanwhile decreased 79.38% to P4.19 million from its November 2019 record of P20.32 million.
Boulevard Holdings said it was able to operate amid the health crisis through the financial assistance of its shareholders.
“The group plans to improve its resorts operations through enhanced marketing and promotional activities,” the company added.
Boulevard Holdings also plans to expand its property portfolio in other locations to be developed into a new Friday’s resorts.
For its fiscal year ending on May 31, 2020, the company in a separate financial report said that it incurred a net loss of P38.95 million, more than four times the P8.86-million loss in the previous year.
Boulevard Holdings said the decline was caused by the business closures due to the coronavirus disease 2019 (COVID-19) pandemic.
“The pandemic caused by COVID-19 affected tourism and travel that resulted to permanent closure of some restaurants and other businesses,” the company told the exchange.
The company’s shares were last traded on Jan. 29 at the stock exchange, closing at P0.03 apiece. — K. C. G. Valmonte