Synlait profit could fall 50%

Mon, 21 Dec 2020

Synlait Milk said its full-year net profit would fall by about 50 percent after A2 milk – a strategic customer and cornerstone shareholder – announced a slide in revenue due to covid-19.Synlait now expects total consumer-packaged infant formula volumes to be approximately 35 percent lower than in the year ended July and net profit will be approximately halved.The company reported a net profit of $75.2 million in the 12 months to July 31, down 9 percent on the year earlier.A2 Milk currently owns almost 20 percent of the company. The...

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