Comvita upgrades profit forecast
Natural health company Comvita has increased its profit guidance for the six months to September 30.
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Natural health company Comvita has increased its profit guidance for the six months to September 30.
In a statement to NZX, the company said it's normalised net profit after tax for the first six months of the 2011/2012 March year was expected to be be approximately $2.2m on sales of $41m (not including a $US1million milestone capital payment received on 1 September 2011 from Derma Sciences)
This forecast compares with normalised net profit after tax and sales for the 1st half year of 2010 of $0.4m and $37m respectively.
Comvita said it had continued to increase gross margins despite a competitive environment in all markets and a strong NZ dollar. Export sales for the firm exceed 80% of total sales.
In local currency terms, in the last 6 months, sales have risen by 18% over the previous corresponding 6 months in 2010. In particular, Hong Kong and Australia have exceeded sales expectations.
"While it is early days, the 2nd Half Year for Comvita has historically been significantly stronger than the 1st Half, and we expect this to be the case again this year. We forecast for the year ended 31 March 2012, sales in the range of $91m to $95m (2010: $82m) and a normalised Net Profit After Tax of $7.3m to $8.2m (2010: $3.6m)," the company's statement said.
NBR staff
Wed, 14 Sep 2011
Wed, 14 Sep 2011
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Comvita upgrades profit forecast
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