Comvita posts $27.7m net loss on goodwill write-downs

Fri, 23 Aug 2019

By Jenny Ruth Aug. 23 (BusinessDesk) - Honey products company Comvita posted a $27.7 million annual net loss after writing off $20.1 million of goodwill. The result for the 12 months ended June compares with an $8.2 million profit the previous year. The $7.6 million loss before write-downs was as Comvita flagged earlier this month but inventory came in at $132.2 million, up from $116.5 million the previous year. Earlier this month the company estimated the value of inventory at $110 million, excluding China. Comvita says raw materia...

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