ISTANBUL, Feb 22 (NNN-ANADOLU) – Starbucks’ Malaysian operator, Berjaya Food, reported a loss of 67 million Malaysian ringgit ($15.1 million) over the last six months of 2024, according to company figures released on Thursday.
Revenue for the period dropped 46% to $55.6 million, compared to the same timeframe in the previous year.
Berjaya Food’s stock price also plummeted by 34.62% over the past six months.
As of June 30, 2024, the company operated 408 Starbucks outlets across Malaysia, according to its financial report.
“The lower revenue and higher loss from operations in the current quarter under review were mainly attributed to the prolonged impact of the ongoing sentiment, related to the Middle East conflict,” the company stated in its quarterly report released Thursday.
Despite these challenges, the company emphasised its commitment to growth, stating, “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.”
Last year, Starbucks Malaysia temporarily shut down more than 100 outlets, as part of a strategic review aimed at optimising its operations.
The boycott of US-based food chains continues in response to Israel’s war in Gaza, with multiple targeted companies worldwide reporting financial losses.
A cease-fire has been in place in Gaza since last month, temporarily halting Israel’s genocidal war, which has resulted in the deaths of at least 48,300 Palestinian people, mostly women and children, and left the enclave in devastation.
In Nov last year, the International Criminal Court issued arrest warrants for the Israeli regime’s recalcitrant Prime Minister, Benjamin Netanyahu and former Defence Minister, Yoav Gallant for war crimes and crimes against humanity in Gaza.
The Israeli regime is also facing a genocide case at the International Court of Justice over its actions in the region.– NNN-ANADOLU