Comvita 'overstated' after-tax earnings by around $2m

Comvita has brought in independent accountants to untangle irregularities.

Mon, 09 Dec 2024

Mānuka honey company Comvita says it has overstated its after-tax earnings by around $2 million in the 2023 and 2024 financial years, blaming accounting irregularities in its China subsidiary.Those irregularities led to misreporting sales and accounts receivables of around $1m in 2023 and 2024. The company is now investigating, under oversight by the board and senior management. "The company has been undertaking a comprehensive review of the business, including core processes, structure and organisation design," Comvita said in i...

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