15 Nov 2011

Comvita turns loss to profit

1:19 pm on 15 November 2011

The listed takeover target Comvita has made a half year profit of $2.2 million, compared with a loss for the same period last year.

The medical honey products maker says excluding one-off items, its normalised profit rose to $2.6 million, compared with $392,000.

Sales rose 14% to $41.8 million.

Comvita says it's on track to meet its full year forecast normalised profit of between $7.3 million and $8.2 million.

The coffee and food giant Cerebos is offering $2.50 a share for Comvita, a bid the company has rejected outright, urging shareholders not to sell.