NZ's Comvita tumbles as honey harvest disappoints for third straight season

Comvita

05/05/2019 23:56

** Shares of Comvita Ltd  CVT.NZ  fall as much as 9.3 pct to
NZ$3.800, their lowest in over 4 years
    ** The health products maker says http://bit.ly/2VkJ8cL it
recorded third season in a row of poor harvest, due to poor
weather patterns and overcrowding of its Manuka sites with
competing beekeepers
    ** Co says now expects loss of operating earnings in apiary
business of about NZ$6 mln ($3.97 mln) for FY
    ** Co to conduct review of its apiary business operations
and under-performing assets, considering withdrawal from
overcrowded sites
    ** Stock posts its biggest intraday pct fall since Feb 26
    ** More than 40,000 shares change hands, compared with the
30-day average volume of about 25,000
    ** Stock has fallen 13.6 pct this year, as of last close


($1 = 1.5099 New Zealand dollars)

 ((Rashmi.Ashok@thomsonreuters.com; +918067491689; Reuters
Messaging: rashmi.ashok.thomsonreuters.com@reuters.net))