JENNY RUTH: Comvita's China costing conundrum

Fri, 13 Mar 2020

One person's write-off is another's "accounting adjustment" but I'd say Comvita's latest set of first-half results strongly suggest it paid too much to buy out its joint-venture partner in China.However, the accounts for the previous year suggest the joint-venture partner, Li Wang, accepted a huge discount when she sold her 49 percent stake to Comvita last year.Astute readers might think both of these things can't be true, but that is what the numbers say.In its results for the six months ended December, the honey company wrote $3.6 million off...

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