Comvita has reported a net loss of $77.4 million for the 2024 financial year.
The result was attributed to challenging market conditions, as well as a substantial non-cash impairment and one-off non-recurring costs.
Comvita's revenue for the year was $204.3m, a 12.7% decrease from the previous year, while gross profit declined to 55%, compared to 58% in the prior year.
The company also saw a significant increase in net debt, which rose to $79.7m.
No dividend was declared.
Comvita's chief executive, David Banfield, expressed disappointment with the results and highlighted the need for cost reduction and inventory reduction.
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