Synlait Milk full-year profit rises 70%, to take 25% stake in New Hope Nutritional

Sun, 21 Sep 2014

By Jonathan Underhill Sept. 22 (BusinessDesk) - Synlait Milk, which twice cut its earnings forecast, posted earnings growth that met revised guidance and said it plans to take a 25 percent stake Sichuan New Hope Nutritional Foods Co to gain a direct interest in a Chinese infant formula brand. Profit rose 70 percent to $19.6 million in the 12 months ended July 31, from $11.5 million a year earlier, the Rakaia-based company said in a statement. Sales rose 43 percent to $600 million. Profit was within the guidance of between $17.5 million...

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