Brief: Comvita Posts 2019 Net Loss After Tax Of NZ$12.97 Mln

Comvita

26/02/2020 20:26

Feb 27 (Reuters) - Comvita Ltd  CVT.NZ :
    * 2019 NET LOSS AFTER TAX OF NZ$12.97 MILLION VERSUS LOSS OF
NZ$2.68 MILLION
    * 2019 REVENUE NZ$94 MILLION VERSUS NZ$78 MILLION
    * IN CHINA, SEEING SALES IMPACTED IN SHORT-TERM BY
DRAMATICALLY
REDUCED SHOPPER TRAFFIC AS A RESULT OF TRAVEL BANS
    * EXPECT TO SEE FIXED COST SAVINGS BENEFIT BUSINESS IN FY21
WITH
THE FULL BENEFIT SEEN IN FY22/23
    * MARGIN IMPROVEMENT IS ALSO EXPECTED TO FLOW THROUGH IN
FY22/23
    * TRANSFORMATION PLAN AIMS TO IMPROVE GROSS MARGIN BY 5.0
PERCENTAGE POINTS & DECREASE FIXED COSTS BY AT LEAST $5M PER
ANNUM OVER NEXT 3 YRS

Source text for Eikon:  urn:newsml:reuters.com:*:nNZW1XrMly
Further company coverage:  CVT.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))