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<Warning>CAFE DE CORAL H Warns of Max. 30% YoY Slump in 2024 NP, Poised to Consolidate Underperforming Shops
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CAFE DE CORAL H (00341.HK) issued a profit warning predicting a decline of not more than 30% of profit attributable to shareholders for the year ended March 2025 as compared to that of $330 million for the same period in 2024. The decline includes an increase in fair value loss of investment properties compared with last year. CAFE DE CORAL H explained that the restaurant sector in Hong Kong and the Mainland China experienced a severe downturn during the period, marked by a depressed economy and weak consumer sentiment in both regions. These adverse market conditions were intensified by outbound spending behavior of Hong Kong citizens and fierce price competition in the Mainland China market. These effects impacted the group's profit, and especially its operating results during festive periods in 2H, which were traditionally the peak seasons of the group's Quick Service Restaurant and Casual Dining businesses. In addition, the group will continue to optimize its network portfolio by exploring new shop formats and opportunities in potential locations and consolidating underperforming shops. AAStocks Financial News |
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