Difficult times for the country's largest manuka honey producer

Comvita's confirmed an underlying net loss of 21.9 million dollars, days after announcing a takeover offer from a subsidiary of Mark Stewart's Masthead investment group.

The result's in line with guidance -- with revenue down 4.1 percent and gross profit down 24.

The company says the sector's facing prolonged oversupply, lower consumer demand, and ongoing pricing volatility.

Shareholders will vote on the takeover offer in November.