Markets

Synlait shares fall to 2-year low on profit downgrade

Rebecca Howard
Thu, 13 Feb 2020

Shares in Synlait Milk fell to a two-year low after a softer infant formula market and the coronavirus outbreak sparked a profit warning.The shares fell as low as $6.86, and were recently down 16.8 percent at $6.90, the first time they have fallen below $7 since early 2018.The milk processor said net profit was between $26.5 million and $28.5 million in the six months ended Jan. 31, down from $37.3 million the same six months a year earlier. It lowered its annual forecast for net profit to between $70 million to $85 million in the 12 mont...

Try free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
A custom library of your saved stories
An industry-leading search engine
Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Support quality New Zealand journalism by subscribing today.

Find out more

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Listed Companies

Infratil's next play: Australian medical infrastructure

Pattrick Smellie | Mon, 26 Oct 2020

Infratil identifies 'highly cash generative', non-discretionary healthcare infrastructure as a new sector where it can build a profitable business at scale.

Infrastructure

Bureaucratic own goal at Tui oil field a red flag about regulatory problems

Gavin Evans | Mon, 26 Oct 2020

When a company is prepared to write off a US$21 million vessel and hand it to liquidators – rather than deal further with New Zealand regulators – we should be concerned.

Listed Companies

Taking one for the team: Which top businesspeople took a paycut?

Andy Fyers | Mon, 26 Oct 2020

Big director and CEO pay cuts were common among NZX-listed companies, although every firm's circumstances were different.

Synlait shares fall to 2-year low on profit downgrade

Not convinced yet?

Your company has a subscription

Team