Tuesday, February 12, 2008

Rising Price of Manuka Honey Hits New Zealand Apitherapy Firm

Comvita Predicts Losses of Around $1.8 Million
The National Business Review (New Zealand), 2/12/2008

Honey products company Comvita said it expected rising costs to push it into a disappointing 15-month loss of up to $1.8 million, after it posted a $700,000 net profit last year.

Significant increases in raw honey costs late in the season, and a strong New Zealand dollar, were hurting business, the company said…

Manuka honey prices had risen 40 percent, adding more than $1m to costs since September, due to a poor season the previous year and strong demand, particularly in the United Kingdom...

Comvita's Hong Kong distribution business, bought in August 2007 was performing above expectations, although its Medihoney business in Australia and the UK were still posting losses.

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