Café de Coral Holdings has rebounded from the Covid crisis, estimating profit attributable to shareholders has surged five-fold in the latest year.
The company says the recovery of business in Hong Kong – where it is headquartered and listed – remains slower than expected and its mainland business was “seriously impacted” by a Covid-19 outbreak during the third quarter.
However in a stock-exchange filing yesterday, the company said that based on preliminary estimates, it expects to deliver a profit attributable to shareholders of between HK$105M and $115M compared with $21.2M the previous year. In FY22 the company received government Covid-19 subsidies of $127.8M, but this dropped to $40.9M in the latest year.
“Successful brand and product marketing campaigns helped to boost sales, coupled with multiple initiatives in digitalisation and automation to enhance productivity and efficiency,” said Chairman Sunny Lo.
