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Comvita swings to profit in fiscal H1

Comvita Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was 8 New Zealand cents per share, compared with a loss of 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$3.3 million, compared with a loss of NZ$2.1 million in the prior-year period.

Total revenue rose 52.6% on an annual basis to NZ$91.1 million from NZ$59.7 million, and total operating expenses climbed 38.9% from the prior-year period to NZ$85.2 million from NZ$61.4 million.

Reported net income totaled NZ$3.2 million, or 8 cents per share, compared to a loss of NZ$3.2 million, or a loss of 10 cents per share, in the prior-year period.

As of Nov. 10, US$1 was equivalent to NZ$1.53.