Café de Coral issued a profit alert to achieve attributable earnings of HK$105-115m in 1HFY23, up from HK$81.2m in the prior year, thanks to COVID-19 relief and subsidies worth HK$41m (1HFY22: Nil)
Stripping out the subsidies impact, 1HFY23 earnings would have declined 9%-21% to HK$64-74m.
Hong Kong restaurant subsegment, fast food, witnessed a gradual recovery, with April/May/Jun restaurant receipt changes of -7.8%/-5.1%/-3.4% on a year on year basis. This is due to moderation in the pandemic situation, gradual relaxation of social distancing measures, and the impact from Consumption Voucher Scheme.
