Capilano has lifted its first half net profit by 73 per cent after it sold more honey overseas and benefited from higher local prices.
The honey supplier's export sales lifted by 19 per cent, and its share of the domestic market grew as it expanded its range of branded products.
Capilano on Monday reported a net profit for the six months to December 31 rose to $3.6 million, from $2.07 million a year earlier.
Increased competition among honey packers for supplies in a period of reduced domestic production had resulted in beekeepers getting a higher price for their product, and helping them to remain economically viable, Capilano said.
The company said it had recovered the increased raw material cost by lifting wholesale prices.
Recent rain should help lift local honey production as trees respond with increased flowering patterns, it added.
Capilano said international interest in its premium products continued to grow and it had expanded its product range in the Middle East and Asia.
STRONG DEMAND, HIGHER PRICES LIFT CAPILANO PROFIT
* Half year net profit of $3.6 million, up 73.3 pct, from $2.07 million
* Revenue of $57.9 million, up 34 pct, from $43.2 million
* No interim dividend
Share
