Malaysian Starbucks operator posts loss due to Covid virus outbreak
In this article (5)
Malaysian F&B franchise operator Berjaya Food Berhad, which operates Starbucks, Kenny Rogers Roasters, and Jollibean in the territory, has reported a loss of US$1.82 million for the last financial year.
The firm’s Malaysian stock-exchange filing attributes its losses to the impact of the coronavirus pandemic, which saw movement control orders in effect within the country between March and June.
“Even though the group’s sales were recovering at a fast pace when Malaysia entered into the Recovery Movement Control Order (RMCO) phase which started on 10 June 2020, the group still recorded a much lower sales in the current quarter under review,” the company reported in the filing.
The period hardest hit corresponds with a contraction of 17.1 percent of Malaysia’s total GDP, the worst since 1998.
Questions & Answers
Q.Which brands does Berjaya Food Berhad operate in Malaysia?
Which brands does Berjaya Food Berhad operate in Malaysia?
The firm operates Starbucks, Kenny Rogers Roasters, and Jollibean in the Malaysian territory. These are part of its F&B franchise portfolio.
Q.What was the main reason cited for Berjaya Food Berhad's financial loss?
What was the main reason cited for Berjaya Food Berhad's financial loss?
The company attributed its loss to the impact of the coronavirus pandemic. This led to movement control orders being in effect across the country.
Q.When were the movement control orders in place in Malaysia?
When were the movement control orders in place in Malaysia?
Movement control orders were in effect within the country between March and June. The Recovery Movement Control Order phase started on 10 June 2020.
Q.How did the Malaysian economy perform during the hardest hit period for the company?
How did the Malaysian economy perform during the hardest hit period for the company?
During that period, Malaysia's total GDP contracted by 17.1 percent. This was the worst economic contraction since 1998.
Reader pulse
How quickly will Berjaya Food's sales rebound?
15,785 votes so far