fbpx
Connect with us

News

Starbucks Operator, Berjaya Food, Suffers Nearly RM30 MILLION Loss as Boycott Movements Continue

Published

Collage 5 2
Source: People

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The ongoing boycott movements have no doubt brought a major loss to many organisations, and Starbucks is among the worst-hit brands. Starbucks operator, Berjaya Food Bhd also suffers a huge loss and in a recent statement, BFood revealed how much of a loss they are facing.

As of March 31, 2024, BFood suffered a major loss of RM29.76 MILLION. Last year, the company earned a profit of RM15.94 MILLION.

“Starbucks’ income dropped by almost half to RM138.65 million after facing a continuous boycott campaign following the conflict in West Asia,” BFood said.

Starbucks 102523 7F9B2Dd8089C4B2Ca5Eef67F41Dfa68B

According to the statement, as of March 31, 2024, they continued to record a net profit of RM53.31 million from last year’s net profit of RM86.13 million. BFood also reported a revenue of RM599.74 million and a loss before excise of RM44.65 million against revenue totaling RM844.22 million.

Mobile Starbucks

The decrease in income and loss before excise was also due to a one-off loss rather than the disposal of the group entity’s equity interest in the Jollibean Foods Pte Ltd.

Looking at the losses and revenue thus far, the board of directors does not recommend any dividend for the current quarter of the year. They believe that business will improve gradually for the remainder of the quarter ending June 30, 2024.

Earlier, the founder of the Berjaya Food Corporation Berhad, Tan Sri Vincent Tan reminded Malaysians to stop boycotting Starbucks Malaysia. To him, the boycott movement is pointless brings harm to the affected employees.

2574541

Tan Sri Vincent Tan also assured Malaysian consumers that Starbucks Malaysia is not owned by the American coffee chain and it’s just a franchise. It is owned by Berjaya Food, a Malaysian company.

Malaysian consumers, including those who are still boycotting, what do you think of this?

Also read: “Long queue all the time” – Newlyweds in Klang Spend RM14K on Starbucks Truck for Their Wedding

Collage 6 1

Source: People
Source: The Star

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Feat Image Thai Legalise Same Sex Feat Image Thai Legalise Same Sex
News6 hours ago

JUST IN: Thailand Becomes 1st ASEAN Nation to Legalise Same Sex Marriage After Passing Landmark Bill

Thailand made history today after its Senate approved a landmark bill to allow same sex marriages in the Kingdom, making...

Feat Image Competitive Feat Image Competitive
News7 hours ago

Indonesia & Thailand Overtake Malaysia in World Competitiveness Ranking for 1st Time as We Drop to 34th

The International Institute for Management Development (IMD) has released its latest edition of the World Competitiveness Ranking which made for...

Collage 2 2 Collage 2 2
News8 hours ago

50yo M’sian Man Gets Beaten by a Stick for Hanging Out With Another Man’s Wife Too Much

Sometimes, things may NOT go our way but there is never a reason for us to get violent on someone....

Feat Image Rasuah Feat Image Rasuah
News9 hours ago

“Over RM1 mil already given” – Civil Servants Who Report Bribery Will be Rewarded Same Amount by Govt

Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki has revealed that civil servants who report corruption cases until...

Collage 48 Collage 48
News9 hours ago

“I expected more” – Former PM Muhyiddin Yassin “Thanked” PMX for 3 Sen Reduction in Egg Prices

When PMX announced the good news about the 3 sen lesser in egg prices, many Malaysians were not impressed and...

Feat Image Fahmi Feat Image Fahmi
News12 hours ago

Fahmi Fadzil: Cooking Oil Prices Remain Low & Eggs Drop by 3 Sen Thanks to Diesel Blanket Subsidy Removal

The removal of the diesel blanket subsidy in favour of a targeted subsidy mechanism has been all the headlines in...

Collage 46 Collage 46
News13 hours ago

Unidentified Small Items Found on Grave of Muhyiddin Yassin’s Father, Allegedly Tied to Black Magic

There’s no saying what you can find in a sacred, burial place. Even when the dead should be respected, it...

My Post 1 2024 06 18T094052.406 My Post 1 2024 06 18T094052.406
News13 hours ago

4 Armed Thieves Terrify Kajang Mall Shoppers as They Rob a Jewellery Store

Chaos erupted at a shopping mall in Kajang, Selangor, after 4 armed and masked men decided to rob a jewellery...

Announcement

Latest Videos



TRENDING TODAY