Rising rents and higher food and labour costs took a bite out of earnings at Cafe de Coral Holdings, with net annual profit falling almost 8 percent to HKD474 million (USD61.09m) – its first annual profit fall in eight years.
The fall came despite a 12 percent rise in sales to HKD5.96 billion. Its profit margin fell to 13.7 per cent in the year to March 31, from 15.1 per cent a year earlier, the Hong Kong fast food chain’s Chief Executive, Sunny Lo Hoi-kwong, said on Tuesday.
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(Source: scmp.com)