NZ's Comvita falls after downgrading earnings estimate

Comvita

31/01/2024 23:53

** Shares of Comvita Ltd  CVT.NZ  down 10.9% at NZ$1.96,
their lowest level since March 2020
    ** The food processing firm downgrades FY24 revenue estimate
 range to NZ$225 mln to NZ$235 mln ($137.54 mln-$143.66 mln),
from NZ$245 mln-NZ$255 mln range
    ** Sees FY24 reported EBITDA between NZ$30 mln and NZ$35
mln, down from original outlook of NZ$33 mln-NZ$35 mln
    ** Says H1 EBITDA is expected to be NZ$9.5 mln, down 32% vs
pcp
    ** Co posts H1 revenue was NZ$103 mln, down 8.1% vs pcp
    ** Stock down 4.4% YTD, as of last close
 

    ($1 = 1.6359 New Zealand dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))