Comvita Limited Reports NZ$77.4 million Loss Amid Market Challenges and One-Off Costs

Comvita Limited (NZX: CVT), the mānuka honey producer, has faced a challenging year, reporting a significant net loss of NZ$77.4 million for FY2024. This stark contrast from last year’s net profit of NZ$11.1 million is largely attributed to one-off costs and tough market conditions. Earlier this week, the company announced a non-cash impairment of NZ$59.8 million, which includes NZ$13.4 million in investments, NZ$3.4 million in tangible assets, and NZ$43 million in intangible assets. Additionally, Comvita recorded an underlying net loss of NZ$5.6 million, compared to an underlying net profit of NZ$13.1 million in the previous year. Despite the setbacks, the company remains focused on navigating these challenges.

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