Berjaya Food Bhd’s Starbucks outlets in Malaysia contributed to the company’s fifth consecutive quarterly loss due to boycotts over US support for Israel. The company reported a net loss of RM70.3 million for the six months ending December.
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Berjaya Reports RM70.3 Million Loss Amid Starbucks Boycotts
As of June 30, 2024, it operated 408 Starbucks cafes. Shares fell 2.9%. Berjaya founder Vincent Tan dismissed the boycott’s impact after the Gaza ceasefire. Starbucks CEO Brian Niccol said the boycotts were unfounded. The company remains committed to growth and diversification.
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