Berjaya Food suffers record low earnings in 2Q due to boycott
Group revenue fell 38 per cent to RM182.55 million from RM295.32 million previously.
KUALA LUMPUR - Berjaya Food Bhd (BFood) sank into the red in the second quarter (2Q) ended Dec 31, 2023, with a net loss of RM42.58 million compared to a net profit of RM35.49 million in the corresponding quarter a year ago.
In a filing with Bursa Malaysia, the group said the net loss was mainly due to the lower sales registered and a one-off loss arising from the disposal of its entire equity interests in Jollibean Foods Pte Ltd.
Meanwhile, group revenue fell 38 per cent to RM182.55 million from RM295.32 million previously.
"The drop in revenue was mainly due to the boycott relating to the conflict in the Middle East,” BFood said.
For the first six months period, the group recorded a net loss of RM23.55 million versus a net profit of RM70.18 million, while revenue slipped 20 per cent to RM461.09 million from RM578.37 million.
On prospects, the directors opined that the operating performance of BFood will show improvement in the remaining quarters of the financial year ending June 30, 2024.
"Furthermore, the board believes that the operating performance will rebound and regain momentum, viewing the current situation as short-term and anticipating positive progress going forward,” it added. - BERNAMA
