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.