The slowdown of both the United States and Chinese economies is affecting the earnings and profits of the Comvita Honey Company this year.
Comvita Honey Company Revenue For The First 4 Months Was Down By 10%
SOURCE– Comvita is a New Zealand-based producer of Manuka honey. The Comvita Honey Company is warning that this year’s profits and earnings will be affected by the weak US and Chinese economies. Comvita Honey said that the revenue of the company for the first four months of the year was 10% less than last year. The operating earnings were also $6 million less, which affected its stock levels, cash flow, and debt.
The Comvita Honey Company forecast revenue for the 6 months ended December up to 5% lower than last year’s $112 million, with a 20% drop in operating earnings and net debt between $80-$85 million, including debt for the acquisition of a business.
The Chief Executive of Comvita Honey Company, Devid Banfield, said that the company could not avoid the impact of the slowdown in two major markets (US and China).
The Impact Of The Slowdown Of US And Chinese Markets To The Comvita Honey Company Wouldn’t Last, Says Chief Executive Banfield
According to RNZ, the Chief Executive of the Comvita Honey Company said that he thinks the impact of the slowdown in the two major markets, the US and China, on the company will not last.
Chief Executive of Comvita Honey Company, Banfield, said that they are forecasting that it is only temporary in nature, and they are already seeing improvements in underlying demand and consumer sentiment data. But Chief Executive Banfield said that it is impossible to make up the impact in this financial year.