Synlait Milk Forecasts Return to Robust Profitability

Synlait Milk Forecasts Return to Robust Profitability

WELLINGTON, New Zealand–Synlait Milk Ltd. said it expects to return to “robust profitability” after sinking to losses in its past financial year.

The New Zealand milk-powder producer said its results for the current financial year will be helped by production ramping up for a new multinational customer and a return to more normal business conditions.

Synlait on Monday reported a loss of 28.5 million New Zealand dollars ($20 million) for its financial year ended July 31, due to disruptions brought on by the pandemic, including at a key customer, a2 Milk Co. Ltd. Synlait did not pay a dividend.

The company said profits would be robust in the current financial year and it would return to pre-pandemic levels of profitability by the end of its 2023 financial year.

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