Synlait has reported a net loss of $182.1 million for the year ended July 31, 2024, compared to a loss of $60.4m in the previous year.
The company's total group revenue increased 2% to $1.64 billion.
However, it recognised a non-cash impairment charge of $114.6m against its long-term assets, which was attributed to a revised view of future demand phasing and the under-utilisation of its North Island facilities.
Adjusted ebitda was $45.2m, while total group gross profit decreased 61% to $56m.
Synlait's base milk price for the 2023/2024 season was $7.83 per kgMS, with an average of $0.28 per kgMS paid for incentives, bringing the total average milk payment to $8.11 per kgMS.
The company said its business recovery plan would focus on deleveraging, retaining milk supply, and improving trading and operational performance.
It did not provide guidance for the 2025 financial year.
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