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Boulevard Holdings swings to loss in fiscal Q2

Boulevard Holdings Inc. said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, was a loss of 5.1 million pesos, compared with income of 1.3 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 23.2% from 4.3% in the year-earlier period.

Total revenue decreased 23.2% year over year to 22.2 million pesos from 28.8 million pesos, and total operating expenses increased 21.0% year over year to 31.1 million pesos from 25.7 million pesos.

Reported net income totaled a loss of 8.4 million pesos, or a loss of 0 centavos per share, compared to income of 865,490 pesos, or 0 centavos per share, in the prior-year period.

As of Jan. 19, US$1 was equivalent to 44.56 Philippine pesos.