Boulevard Holdings sales up 12%

MANILA, Philippines - Boulevard Holdings Inc. said sales grew 12 percent in its fiscal year ending May 31 this year.

In a disclosure to the Philippine Stock Exchange, BHI said the growth was driven by a strong 23 percent surge in sales last month.

A decline in tourist arrivals from Europe, owing to the protracted crisis in the region, has affected the operations of subsidiary Friday’s Boracay Island in Aklan.

Net income through its first three fiscal quarters inched up 3.5 percent to P6.14 million, translating to earnings per share of P0.00037.

Aside from Friday’s, BHI also owns Crown One Land Inc. and Friday’s Puerto Galera in Mindoro.

The Panlilio family, which owns BHI, is keen on reviving Puerto Azul, which was once dubbed as “Asia’s Paradise Resort” and the “World’s Golfing Capital.”

Under its plan, BHI intends to build 11,563 residential units over a period of 20 to 25 years starting with 350 units of apartment residences. The resort component also involves the development of hotels, golf courses, country club, marina, theme park, sports and recreation facilities.

The plan also includes the renovation of the existing 340-room hotel and the development of an 80-room boutique hotel and 150-room grand convention hotel.

BHI, through a subsidiary, acquired a 353,810 square meter property in Moalboal, Cebu for P707.62 million.