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Comvita fiscal H2 profit climbs 74.1% YOY

Comvita Ltd. said its normalized net income for the fiscal second half ended March 31 came to 27 New Zealand cents per share, an increase of 55.3% from 18 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$10.1 million, an increase of 74.1% from NZ$5.8 million in the prior-year period.

Total revenue climbed 29.3% year over year to NZ$93.0 million from NZ$71.9 million, and total operating expenses increased 21.6% on an annual basis to NZ$76.2 million from NZ$62.6 million.

Reported net income grew 53.4% on an annual basis to NZ$13.7 million, or 37 cents per share, from NZ$8.9 million, or 27 cents per share.

For the year, the company's normalized net income totaled 23 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 29 cents.

EPS rose 33.6% from 17 cents in the prior year.

Normalized net income was NZ$8.1 million, an increase of 47.9% from NZ$5.4 million in the prior year.

Full-year total revenue rose 32.5% from the prior-year period to NZ$152.7 million from NZ$115.3 million, and total operating expenses grew 29.4% on an annual basis to NZ$137.5 million from NZ$106.3 million.

The company said reported net income grew 29.3% on an annual basis to NZ$10.5 million, or 30 cents per share, in the full year, from NZ$8.2 million, or 26 cents per share.

As of May 22, US$1 was equivalent to NZ$1.37.