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Boulevard Holdings swings to loss in fiscal Q1

Boulevard Holdings Inc. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to a loss of 1.4 million pesos, compared with income of 1.4 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 10.7% from 6.1% in the year-earlier period.

Total revenue fell 43.5% year over year to 13.1 million pesos from 23.1 million pesos, and total operating expenses decreased 19.8% year over year to 15.7 million pesos from 19.5 million pesos.

Reported net income totaled a loss of 2.3 million pesos, or a loss of 0 centavos per share, compared to income of 988,280 pesos, or 0 centavos per share, in the year-earlier period.

As of Oct. 20, US$1 was equivalent to 44.86 Philippine pesos.