NZ's Comvita gains on raising FY earnings outlook

Comvita

13/04/2021 05:09

** Shares of honey exporter Comvita Ltd  CVT.NZ  rise as
much as 1.9% to NZ$3.25, highest since March 15
    ** Co now expects its FY Operating earnings before interest,
taxes, depreciation, and amortization (EBITDA) to be in range of
NZ$22.5 mln-NZ$25.5 mln (($15.77 mln-$17.87 mln) rather than
previously announced range of NZ$20 mln - NZ$23 mln  urn:newsml:reuters.com:*:nNZWhhdGm
    ** CVT says increase in EBITDA range is due to ongoing
strong growth in its China and North American markets,
offsetting ANZ and Hong Kong challenges
    ** Co says strong performance in the digital channel, which
is now accounting for over 30% of group sales also contributed
to the increase
    ** Stock posts its biggest intraday percentage gain since
April 6
($1 = 1.4269 New Zealand dollars)

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))