Synlait beats prospectus forecast as full-year profit more than doubles

Mon, 23 Sep 2013

Sept. 24 (BusinessDesk) - Synlait Milk, the Canterbury-based dairy processor that went public in July, posted a 161 percent jump in full-year profit, beating its prospectus forecast, although infant formula sales missed its target. Profit was $11.5 million in the year ended July 31, from $4.4 million a year earlier, the company said in a statement. Sales rose about 12 percent to $420 million, which Synlait said was driven by increased volumes. Synlait, which is 39 percent owned by China’s Bright Dairy, raised $75 million of new capital in i...

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