Comvita FY profit falls 10 percent , beating guidance, on honey shortage, rising costs

Wed, 22 May 2013

May 23 (BusinessDesk) - Comvita, which produces health products from manuka honey and olive leaves, posted a 10 percent decline in full-year profit, beating its own guidance as it coped with a shortage of honey and higher costs. Net profit fell to $7.37 million, or 24.52 cents a share, from $8.2 million, or 27.85 cents, a year earlier, the Te Puke-based company said in a statement. Sales rose 8 percent to a record $103.5 million, exceeding its February forecast of about $100 million. Comvita shares last traded at $3.75 and are little changed...

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