Synlait shares fall to 2-year low on profit downgrade
By Rebecca Howard |
Thu, 13 Feb 2020
Shares in Synlait Milk fell to a two-year low after a softer infant formula market and the coronavirus outbreak sparked a profit warning.The shares fell as low as $6.86, and were recently down 16.8 percent at $6.90, the first time they have fallen below $7 since early 2018.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. It lowered its annual forecast for net profit to between $70 million to $85 million in the 12 mont...