February 26, 2020 / 8:30 PM / a month ago

BRIEF-Comvita Posts 2019 Net Loss After Tax Of NZ$12.97 Mln

Feb 27 (Reuters) - Comvita Ltd:

* 2019 NET LOSS AFTER TAX OF NZ$12.97 MILLION VERSUS LOSS OF NZ$2.68 MILLION

* 2019 REVENUE NZ$94 MILLION VERSUS NZ$78 MILLION

* IN CHINA, SEEING SALES IMPACTED IN SHORT-TERM BY DRAMATICALLY REDUCED SHOPPER TRAFFIC AS A RESULT OF TRAVEL BANS

* EXPECT TO SEE FIXED COST SAVINGS BENEFIT BUSINESS IN FY21 WITH THE FULL BENEFIT SEEN IN FY22/23

* MARGIN IMPROVEMENT IS ALSO EXPECTED TO FLOW THROUGH IN FY22/23

* TRANSFORMATION PLAN AIMS TO IMPROVE GROSS MARGIN BY 5.0 PERCENTAGE POINTS & DECREASE FIXED COSTS BY AT LEAST $5M PER ANNUM OVER NEXT 3 YRS Source text for Eikon: Further company coverage:

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