Listed Hong Kong restaurant operator Cafe de Coral expects about HK$330 million (US$42.2 million) in attributable profit for the last fiscal year, representing an almost three-fold increase.

In a positive profit alert, the company attributed the growth to an improvement in the quick service restaurants, casual dining, and institutional catering segments in Hong Kong – and a general business recovery in mainland China.

However, the company noted that higher property valuation losses would likely affect segment results in Hong Kong.

Meanwhile, Cafe de Coral opened a record-high number of shops in mainland China, where it witnessed strong same-store sales growth and healthy operating margins.

The company is slated to publish its finalised annual results mid-next month.