Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Comvita forecasts profitable 2nd H. on Asian Sales

Comvita forecasts profitable second half on Asian sales

Feb. 10 – Comvita Ltd., which sells honey-based health products, forecast a profitable second half on a pick up in sales, especially in Asia.

The company eked out a profit of NZ$203,000 in the six months ended Sept. 30, from a year-earlier loss, reflecting a 64% gain in sales. Revenue in the final three months of the financial year, to March 31, is expected to rise as much as 25%, the company said in a statement today.

“Comvita is trading profitably on the back of a strong sales performance in most markets, particularly Asia,” chief executive Brett Hewlett said. “While these are challenging market conditions generally, our strategy of sale of our premium Comvita branded natural health products, through a diversity of sales channels and markets, is clearly working.”

Hewlett declined to give a specific forecast. The company’s shares were unchanged at 97 cents today and have declined 16% in the past month.

Also bolstering the outlook is the weakening New Zealand dollar which will “provide gradual and ongoing benefits over the coming year,” Hewlett said. Comvita hedges between 50% and 70% of net export receipts. The full-year result, though, will also reflect costs to close the company’s Cambridge manufacturing site and relocate the facilities to Paengaroa.

Comvita recently rolled over its long-term debt facilities with Westpac Banking Corp.

(Businesswire)


© Scoop Media

 
 
 
Top Scoops Headlines

 

Forgetting Citizenship: Australia Suspends Flights From India

As India is being devastated by COVID-19 cases that have now passed a daily rate of 400,000, affluent and callous Australia has taken the decision to suspend all flights coming into the country till mid-month. The decision was reached by the Morrison ... More>>

Digitl: UK Spy Chief: “The West Has To Go It Alone On Tech"

“Cybersecurity is an increasingly strategic issue that needs a whole-nation approach. The rules are changing in ways not always controlled by government. More>>

The Conversation: From Five Eyes To Six? Japan’s Push To Join The West’s Intelligence Alliance

Craig Mark , Kyoritsu Women's University As tensions with China continue to grow, Japan is making moves to join the “Five Eyes” intelligence-sharing alliance. This week, Japan’s ambassador to Australia, Shingo Yamagami, told The Sydney Morning ... More>>

The Conversation: Without The Right Financial Strategies, NZ’s Climate Change Efforts Will Remain Unfinished Business

When it comes to climate change, money talks. Climate finance is critical for enabling a low-emissions transition. This involves investment and expenditure — public, private, domestic and transnational — that demonstrably contributes to climate ... More>>

Dr Terrence Loomis: Does Petroleum Industry Spying Really Matter?

Opinion: Nicky Hager’s latest revelations about security firm Thompson and Clark’s ‘spying’ on climate activists and environmental organisations on behalf of the oil and gas industry and big GHG emitters makes entertaining reading. But it does ... More>>

Mixed Sight: New Zealand, The Five Eyes And China

The Five Eyes arrangement between the United States, United Kingdom, Canada, Australia and New Zealand has always resembled a segregated, clandestine club. Focused on the sharing of intelligence between countries of supposedly like mind, it has shown that ... More>>