Synlait Milk first-half profit falls as much as 29% as growth stalls

By Paul McBeth | Thu, 13 Feb 2020


Synlait Milk said first-half profit fell as much as 29 percent and it has has downgraded its annual earnings outlook, saying infant formula sales haven’t grown as expected and noting the coronavirus outbreak is another spanner in the works.However, Synlait said the contribution to growth of its largest infant formula customer, A2 Milk, hasn't changed.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. Synlait lowered its...