Cafe de Coral’s net profit surges amid higher sales

(Source: Café de Coral/Facebook)

Cafe de Coral‘s profit surged 376.1 per cent to HK$330.5 million (US$42.3 million) in the last fiscal year amid higher revenue in Hong Kong and mainland China.

The restaurant operator’s revenue grew 8.3 per cent to HK$8.69 billion for the year ended March 31.

In Hong Kong, revenue increased 7.1 per cent to HK$7.18 billion as sales of quick service restaurants rose 6.9 per cent to HK$5.14 billion and casual dining climbed 2.5 per cent to HK$879.2 million.

Institutional catering revenue in Hong Kong jumped 18 per cent to HK$1.02 billion. However, revenue of the other categories fell 18.3 per cent to HK$139.2 million.

Meanwhile, revenue in mainland China advanced 14.5 per cent to HK$1.52 billion.

“Against headwinds caused by slower-than-expected recoveries in the economy and inbound tourism, as well as a northbound shift in consumer spending patterns, the group recognises the increasingly challenging environment in the second half of the financial year,” said the company.

“The group remains optimistic about its long-term growth, and continues to fine-tune its improved business models that have proven themselves during difficult times.”

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