Synlait Milk lowers full-year forecast on below-target infant formula volumes

Wed, 26 Mar 2014

By Jonathan Underhill March 27 (BusinessDesk) – Synlait Milk, whose shares are up 81 percent from its initial public offering, lowered its full-year profit forecast, saying regulatory changes in China and Fonterra Cooperative Group’s whey protein recall are denting volumes of infant formula and nutritional products. Full-year profit will be in a range of $25 million to $30 million, down from the $30 million-to-$35 million estimate it gave in January. The projection is still well ahead of its prospectus forecast of $19.8 million. The Rakaia-...

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