KUALA LUMPUR: Starbucks Malaysia operator Berjaya Food Bhd (BFood) reported a net loss of RM91.5 million for the fiscal year ended June 30, 2024 (FY24) compared to a net profit of RM103.4 million in the previous year, on consumer boycotts and a one-time loss from the disposal of Jollibean Foods Pte Ltd.

The company's revenue also fell by 34.56 per cent, dropping from RM1.1 billion to RM730.3 million.

BFood said the decline is attributed to current sentiment related to the conflict in the Middle East and a one-time loss from the sale of BFood's entire stake in Jollibean Foods Pte Ltd.

"Excluding the exceptional investment related expenses, the pre-tax loss would have been RM76.84 million as compared to a pre-tax profit of RM148.73 million in the previous financial year," it said.

For the fourth quarter of the financial year 2024 (4QFY24), BFood reported a net loss of RM38.2 million, against a net profit of RM17.2 million in the same quarter the previous year (4QFY23).

The company's revenue for the quarter also declined, falling from RM271.7 million to RM130.5 million.

Additionally, BFood recorded a pre-tax loss of RM42.69 million for the current quarter, compared to a pre-tax profit of RM29.04 million in the corresponding quarter of the previous year.

"The significantly lower revenue and pre-tax loss incurred in the current quarter under review were primarily attributed to the current sentiment in relation to the conflict in the Middle East," it added.

In a statement, BFood expressed cautious optimism, anticipating a gradual improvement in operational performance in the next financial year despite the challenges faced.

"The directors recognise the challenging market conditions and external pressures affecting the group's business performance."

"While recovery may be slow due to ongoing current uncertainties, the directors believe that strategic adjustments and operational refinements will, in time, strengthen the group's position and lead to better financial results," it said.

https://www.nst.com.my/business/corporate/2024/08/1097506/starbucks-malaysia-posts-rm915m-loss-boycott-jollibean-sale