Comvita's full year profit has slipped, as improved final quarter sales failed to make up for poor sales in the first three quarters of the year.
The medical honey products manufacturer made $503,000 in the year to the end of March, compared with $5 million in the previous year. Sales fell by almost $3 million to $82 million.
The company says even though sales and profit improved in the final quarter of the financial year, it proved too difficult to make up for the poor results of the first nine months of the year.
It says its involvement in a UK court case, to defend one its medical wound care patents, has also cost it significantly more time and money than expected.
The company expects earnings to increase this year, and says the second half of the year is likely to generate more revenue and profit than the first half.
Comvita has declared an interim dividend of three cents a share.
