Comvita posts lower half year profit
Updated at 7:06 pm on 21 November 2012
Half-year profit for Comvita has fallen due to buying beehives and difficulties in getting hold of honey.
The company's profit fell 7% to $2.4 million for the six months to September, after adjustments to last year's result. Revenue rose 9% to more than $45 million.
Chairman Neil Craig said it's a solid result, particularly given Comvita traditionally has a stronger second half of the year.
He said the natural health and beauty products company is confident it will beat last year's profit, noting sales are running at an annual rate of more than $100 million, which is above the $96 million it made in the March 2012 year.
The company restated last year's figures after making adjustments to the way it accounted for buying beehives, which lifted the previous period's profit.
Comvita shares rose 11 cents to $3.81 each on Wednesday.
It will pay a dividend of 4 cents per share.
Next story in Business: Ellerslie site acquired by Summerset
Copyright © 2012, Radio New Zealand