BFood's quarterly profit more than doubles as revenue returns to pre-COVID-19 level

BFood's quarterly profit more than doubles as revenue returns to pre-COVID-19 level
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KUALA LUMPUR (Nov 12): Berjaya Food Bhd’s net profit for the first quarter ended September 30, 2020 (1QFY21) more than doubled to RM10.37 million from RM4.61 million a year ago, as its revenue returned to pre-COVID-19 levels.

The stronger earnings, which came amid improved performance from its Kenny Rogers Roasters (KRR) restaurants after closing certain non-performing stores in the previous financial year, was also bolstered by more effective cost management initiatives implemented to mitigate the impact of the prolonged pandemic.

The group reported revenue of RM180.72 million for 1QFY21, which is comparable to 1QFY20's RM180.44 million, and a significant 62% improvement from the immediate preceding quarter's RM111.57 million.

With the strong first quarter earnings, it declared a first interim dividend of 0.5 sen per share, its stock exchange filing today showed.

“Malaysia is currently in the third wave of the COVID-19 pandemic, and has accordingly imposed the conditional Movement Control Order in certain states of Malaysia.

“However, the group is cautiously optimistic that the operating results of the group will be satisfactory in the remaining quarters of the financial year ending 30 June 2021, as a majority of economic activities are still allowed to be conducted provided that standard operating procedures laid out by the National Security Council are strictly adhered to,” it said on its prospects going forward.

BFood shares closed 3 sen or 2.56% lower at RM1.14 today, valuing the company at RM403.24 million.