Connect with us

Hi, what are you looking for?

US-China

Comvita Honey Company Revenue, Affected By The Slowdown Of US And Chinese Economies

Comvita Honey (Photo: radionz)

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 (Photo: Stuff)

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).

READ ALSO: Here Are Some Social Security Changes In 2024 You Should Be Aware Of

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.

READ ALSO: US Retail ETFs Deliver Solid Black Friday Gains

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Crime

Texas man Eduardo Arevalo confessed of strangling his pregnant sister for being an “embarrassment” to the family in 2019. Texas Man’s 8 Months Pregnant...

Finance

Even though the last wave of the federal government stimulus checks was distributed over two years ago, at least three distinct states are still...

Finance

The US is expected to distribute further stimulus funds through a variety of initiatives. Direct cash, tax refund, or some other kind of assistance...

Crime

Cameron Wright, a 22-year-old was sentenced with 55 years in prison for killing, dismembering and throwing girlfriend’s body at separate locations according to his...