Hong Kong’s largest local fastfood chain, Cafe de Coral, managed only a 2% rise in half-year earnings to HK$126.2m (US$16.2m).
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The fastfood company, which operates 416 outlets in Hong Kong, China and the US, did not meet analysts’ forecasts of an earnings rise of around 6.5%. The company’s turnover for the six months to the end of September was down 1% to HK$1.3bn.
Faced with a slump in Hong Kong’s restaurant industry, Cafe de Coral has had to undertake vital cost cuts, reported Reuters.
A recent AC Nielson study revealed that people in Hong Kong dined out less in November but among those who did dine out, fastfood outlets were very popular, with Cafe de Coral the favourite chain ahead of Maxim’s and McDonald’s.
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