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EVE Investments (ASX:EVE) - Managing Director, Bill Fry - The Market Herald
Managing Director, Bill Fry
Source: Mitchell River Group
  • EVE Investment's (EVE) subsidiary Meluka Australia has signed a first shipment to China of its signature tea tree honey product
  • The order was made via the company's Chinese distributor Yandi Biotech and pertains to a shipment of 2,112 units
  • The shipment follows strong earlier sales of Meluka's native raw honey product, for which Yandi recently placed its third order
  • Meluka's honey range was launched in China in mid-May this year and is sold via Yandi's online portal with more than one million distribution members
  • EVE Investments closed in the grey for 0.9 cents per share

EVE Investment's (EVE) subsidiary Meluka Australia has signed a first shipment to China of its signature tea tree honey product.

The order was made through EVE Investment's Chinese distributor, Yandi Biotech, and pertains to an initial 2,112 units. It follows strong earlier sales of Meluka's native raw honey product, which recently signed a deal for a third shipment.

Meluka's honey range was launched in mid-May this year through Yandi's online portal, which features more than one million partners across its distribution network.

A test shipment was completed earlier this year in order to assess compliance with customs importation requirements, and a further shipment has now been placed for initial test marketing purposes.

These marketing efforts are being jointly funded by Meluka and Yandi, and will focus on the nutritional aspects and health benefits associated with Meluka’s consumer honey range.

Bill Fry, Managing Director of EVE Investments, said the initial response to Meluka Australia's product range has been positive.

"The company is very encouraged by Yandi placing their first order for our unique tea tree honey.

"The response to our native honey in Yandi’s network has been incredibly strong and EVE looks forward to working closely with Yandi to launch this new product into their network in the coming months," he added.

In conjunction with yesterday's sales update, EVE Investments also announced its financial results for the 2020 financial year.

The company saw a substantial increase in revenue, from $1.59 million in 2019 to $2.31 million this year. This comes on top of a marginal decrease in the cost of goods sold, from $1.63 million to $1.44 million.

However, EVE Investments still failed to turn a profit, posting a total comprehensive loss for the period of just over $2.4 million. That said, it is a marginal improvement compared to 2019's total loss of $2.64 million.

EVE Investments closed in the grey for 0.9 cents per share.


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