Berjaya Food Bhd.’s hundreds of Starbucks subsidiary outlets across Malaysia contributed to the company’s fifth straight quarterly loss after boycotts of US fast food brands over America’s support of Israel’s offensive in Gaza began last year.
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The company reported a net loss of 70.3 million ringgit for the six-month period that ended in December.
As of June 30 2024, the unit operated 408 Starbucks cafes in the country, according to the company’s annual report. Berjaya does not break out its Starbucks revenue.
Berjaya Food’s shares fell 2.9 per cent to the lowest since November 19 on Friday.
“While the Starbucks brand faces challenges, the group remains committed to growth and diversification by expanding its brand portfolio and leveraging opportunities locally and internationally,” Berjaya said in its earnings statement.
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The company expects the strategic initiatives and plans for Starbucks “to enhance performance and drive positive results”.