Synlait Milk Returns to Profit in Fiscal H1 as Revenue Rises; Shares Down 10%

MT Newswires Live

Mar 24

Synlait Milk (NZE:SML, ASX:SM1) reported Monday fiscal half-year earnings of NZ$0.0101 per diluted share, compared with a loss of NZ$0.4402 per diluted share a year earlier.

Analysts polled by Visible Alpha expected diluted EPS of NZ$0.02.

Revenue for the six months ended Jan. 31 was NZ$916.8 million, up from NZ$793.5 million a year earlier. Analysts surveyed by Visible Alpha expected NZ$883.2 million.

The dairy company expects the financial progress in the second fiscal half to be slower than the first half.

Forecast base milk price for the 2024/2025 season is NZ$10 per kilogram of milksolids (kgMS) with additional premium payments available to suppliers without a cease notice, taking the total forecast average milk payment for Synlait suppliers to NZ$10.48 per kgMS, the filing stated.

Synlait Milk's Kiwi shares were down nearly 10% in recent Monday trade.

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