Comvita warns annual earnings to slump on weak honey harvest, slow China sales

Sun, 22 Jan 2017

By Paul McBeth Jan. 23 (BusinessDesk) - Comvita shares sank 14 percent after the manuka honey products maker warned annual earnings will tumble by about two-thirds as the nation's unseasonably wet and windy weather saps the honey harvest and slow sales via China's informal trading channels. Te Puke-based Comvita expects after-tax operating earnings of between $5 million and $7 million in the year ending June 30, having previously predicted it would be in line with 2016's earnings of $17.1 million. However, the company's sale of its Medih...

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