MANILA, Philippines - Boulevard Holdings Inc. (BHI) continues to register a drop in sales as seen in the first nine months of its 2015 fiscal year ending May due to problems in its Boracay resort.
The listed Panlilio-owned property firm said consolidated sales as of end February plunged 48 percent to P48.38 million from P100.60 million during the same period the previous year.
“In line with our existing problems at Friday’s Boracay Beach Resort in Boracay Island, Malay, Aklan which was previously disclosed, we report the significant negative effect on sales for the period,” BHI said.
For the month of February alone, BHI said sales dropped 56 percent to P8.04 million from P14.45 million a year ago.
Sales of BHI have been on the decline since early last year due to lower saleable rooms brought by the usurpation of property as well as forcible entry by the son of the previous owner of a parcel of land at Friday’s Boracay.
BHI and its subsidiaries, owned by businessman Jose Panlilio, develops real estate such as leisure, hotel, and tourist estates, as well as residential and office condominiums.
The company operates Friday’s Boracay Beach Resort through subsidiary Friday’s Holdings Inc.