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BFood 1Q net profit up 15%
by Cals Tue 16 Sep 2014, 02:01
| BFood 1Q net profit up 15% |
| Business & Markets 2014 |
| Written by Levina Lim of theedgemalaysia.com |
| Monday, 15 September 2014 18:53 KUALA LUMPUR (Sept 15): Berjaya Food Bhd (BFood) posted a 15% rise in net profit to RM6 million for the first financial quarter ended July 31, 2014 (1QFY15) from RM5.22 million a year ago on better results from Berjaya Starbucks Coffee Co Sdn Bhd (BStarbucks). Revenue for 1QFY15 was 8.5% higher at RM39.64 million from RM36.53 million in 1QFY14. “Notwithstanding the full impact of the Muslim fasting month in this current quarter under review compared with the previous year's Muslim fasting month, which straddled over 1QFY14 and 2QFY14, the group achieved higher revenue from the additional restaurants operating in 1QFY15,” said Bfood in a filing with Bursa Malaysia today. The food & beverage (F&B) firm also noted that it had on July 23 signed a conditional share purchase agreement (SPA) with Starbucks Coffee International, Inc (SCI) to acquire the remaining 50% it does not own in BStarbucks for RM279.51 million. It is of the view that with the completion of the proposed acquisition, the operating profit and revenue of the group are expected to improve significantly for the remaining quarters of FY15. BFood closed at RM3.06 today, more than doubled from RM1.48 three months ago. This gives it a market capitalisation of RM954.26 million. |
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