NZ's Comvita set for worst day in a month on swing to FY loss

Comvita

29/08/2024 04:20

** Shares of Comvita  CVT.NZ  fall 4.4%, set for their worst
day since July 29
    ** The natural health products manufacturer posts FY24 loss
of NZ$77.4 mln ($48.6 mln) vs year-ago profit of NZ$11.1 mln
    ** Says FY24 results hit by challenging market conditions as
well as a non-cash impairment and one off non-recurring costs
    ** Says emphasis in FY25 is on cost reduction, positive
operating cashflow and debt reduction
    ** Stock now down nearly 51% YTD
 
 ($1 = 1.5934 New Zealand dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))