“Café de Coral Group Expects Profit Increase Despite COVID-19 Impact”

(Original title: Café de Coral Group (00341) issued a profit surprise and expects the annual profit attributable to shareholders to increase to HK$105 million to HK$115 million)

Zhitong Finance APP News, Café de Coral Group (00341) announced that the group expects to obtain a profit attributable to shareholders of HK$105 million to HK$115 million for the year ending March 31, 2023, while the profit attributable to shareholders for the fiscal year 2022 is 21.2 million Hong Kong dollars. In the year under review, the Group received government subsidies of HK$40.9 million (last year: HK$127.8 million) in response to the COVID-19 epidemic.

Compared with last year’s performance, which was hit by the fifth wave of the new crown pneumonia epidemic in Hong Kong, the performance of Hong Kong business began to improve in the second quarter of the year under review, and the Group’s performance improved. However, the performance in the second half of the year was affected by the following main factors: after the relaxation of epidemic restrictions in the fourth quarter of the year under review, the pace of economic recovery in Hong Kong was slower than expected; and fair value losses on investment properties and impairment losses on property, plant and equipment and right-of-use assets.