PROFIT JUMP SWEET FOR CAPILANO
HONEY producer Capilano has a posted a slight lift in its full year results, and declared its winter honey supplies are at its highest level in years.
The Queensland-based company yesterday reported a nine per cent lift in net profit to $10.33 million, up from $9.48 million last year.
However, revenue dipped slightly, down 0.4 per cent to $133.14 million, and following the results the company’s share price fell 1.51 per cent to $16.25.
Managing director Ben McKee said favourable weather conditions had meant the company was in the position of having the largest winter honey supply for many years.
Honey stocks lifted to 5953 tonnes, up from 4960 tonnes at the end of last year, and the lows of 2901 tonnes the previous year.
“Weather permitting, we remain very optimistic of the potential for increased honey production in the coming season from spring 2017,” Dr McKee said.
A heightened emphasis on health products had also contributed to honey sales, according to Dr McKee.