Comvita may not increase earnings in 2014 as higher honey prices bite, Craigs says

Mon, 14 Oct 2013

By Tina Morrison Oct. 14 (BusinessDesk) – Comvita, which produces health products from manuka honey, may not increase earnings in the current financial year as higher honey prices crimp margins, brokerage Craigs Investment Partners said in a note. The brokerage reduced its expectation for net profit in the year ending June 30, 2014 by 15 percent to $7.7 million, little changed from profit of $7.4 million in 2013. Its forecasts for 2015 and 2016 were also both reduced by about 5 percent. “While the FY12/13 honey season was above average, it...

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