Tuesday, July 03, 2007

NZ Apitherapy Firm Says Export Testing, Quality Control Hit Profits

Comvita Forecasts Interim Loss of $12 Million
New Zealand Press Association, 7/2/2007

Wellington, July 2 NZPA - Bee products company Comvita warned it would post a half-year loss of about $1.2 million as sales failed to meet forecast and costs rose in export markets.

A high New Zealand dollar and tighter regulations offshore meant the first six months had been softer than expected. Revenue was up 5 percent on a year earlier and export sales were 8 percent higher, but below budget.

Comvita posted an interim net profit of $602,000 in 2006.

"Stringent new regulatory regimes introduced in some export markets have meant the company has had to undertake additional testing, manufacturing and quality control procedures at some considerable cost to Comvita,'' chief executive Brett Hewlett said…

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