Thursday 28 Mar 2024
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KUALA LUMPUR (June 21): Berjaya Food Bhd returned to the black in the final quarter of its financial year 2018 with a net profit of RM837,000 against a net loss of RM3.37 million in the same quarter a year ago, as revenue improved with more Starbucks cafes in operation during the quarter.

In the three months that ended April 30, 2018 (4QFY18), revenue grew 6% to RM160 million from RM151.42 million, driven by contribution from the new cafes as well as same-store-sales growth in the country.

BFood declared a fourth interim dividend of one sen per share, to be paid on July 28, bringing the total dividend declared for FY18 to 4 sen per share, up 14% from the 3.5 sen per share it declared for FY17.

In a stock exchange filing, Berjaya Food said the swing in its quarterly fortune was due to higher profit contributions from Starbucks, amid the absence of consolidation from the losses in its PT Boga Lestari Sentosa, the operator of Kenny Rogers Roasters’ operations in Indonesia.

On Nov 24, 2017, Berjaya Food via its wholly-owned Berjaya Food International Sdn Bhd, sold its interest in PT Boga Lestari Sentosa to two Indonesian investors for RM3.1 million.

Berjaya Food wrapped up its FY18 with a net profit of RM1.14 million, a steep 90% lower than the RM11.44 million it recorded in FY17 — despite 6% growth in revenue to RM639.6 million from RM605.44 million — due to the exceptional loss arising from the sale of PT Boga, which lowered its pre-tax profit to RM19.4 million from RM24.32 million.

"Excluding the exceptional investment related expenses, the group’s pre-tax profit would have been RM34.79 million for the current financial year," it said.

On prospects, BFood expects its operating performance “to be encouraging”, as it rides on the continuing revenue growth momentum of Starbucks and the completion of disposal of PT Boga Lestari Sentosa in Indonesia.

BFood, which is linked to tycoon Tan Sri Vincent Tan Chee Youn, operates 91 Kenny Rogers Roasters restaurants nationwide, and more than 239 Starbucks coffee outlets in Malaysia and Brunei.

Listed on the Main Market since March 2011, shares in BFood slipped 2 sen or 1.19% to close at RM1.66 today, for a market capitalisation of RM633.92 million.

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