Synlait Milk (NZE:SML, ASX:SM1) expects to return to profitability in the first half of the fiscal year 2025 as the company reaps the benefits of its business recovery plan.
Earnings before interest, taxes, depreciation, and amortization are projected to range from NZ$58 million to NZ$63 million for the six months ending Jan. 31. The dairy producer attributed this to business development initiatives in Advanced Nutritions products, a strong Ingredients business, and continued cost control measures.
Synlait also disclosed financial commitments to farmers to grow its secured milk supply in the South Island. This includes paying new secured milk premiums of NZ$0.10 per kilogram of milksolids until the 2027 to 2028 season.
The company's shares soared 15% in recent Friday trade in New Zealand and almost 21% in Australia.
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