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Synlait Milk reports 'largest ever' loss of $28.5m

The South Island dairy company has posted its forecast loss as it was hit by disruptions for its major customer, but predicted a return to "robust" profitability this year.

China , John-penno , Synlait-pokeno , Fonterra , South-island , Synlait-milk , Grant-watson , Miraka-milk , Leon-clement ,

Synlait Milk posts $28.5m loss, eyes return to 'robust profitability' this year

Synlait Milk posts $28.5m loss, eyes return to 'robust profitability' this year
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$100m hole in profits linked to job cuts plan at milk processor Synlait

$100m hole in profits linked to job cuts plan at milk processor Synlait
stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.

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Nervous wait for Synlait employees as 150 jobs could be axed in shake-up at milk processor

Nervous wait for Synlait employees as 150 jobs could be axed in shake-up at milk processor
stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.

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Synlait sells Auckland facility for $30m to pay down debt

Synlait sells Auckland facility for $30m to pay down debt
stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.

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Synlait profits will take years to recover after 'dismal' 2021, analysts say

Tina Morrison17:15, May 25 2021
Supplied/Supplied
Synlait is facing shipping delays, lower prices and concerns around its inventory.
Milk processor Synlait is expected to take years to recover as it heads for its first annual loss since listing on the NZX in 2013.
The company on Monday warned it expected to post a full-year loss of between $20 million and $30m in the year to the end of July. It previously said in March that it expected to break even this year.
Synlait co-founder John Penno has returned as chief executive, replacing Leon Clement, after demand weakened from the company’s major customer The a2 Milk Company because of disruptions to sales caused by the Covid-19 pandemic. Penno said Synlait faced shipping delays, lower prices and concerns around its inventory.

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Synlait Milk forecasts full-year loss of $20m-$30m

Dairy company Synlait Milk is forecasting a significant loss as it continues to be plagued by Covid-19-related disruptions.
The company is now forecasting a full-year loss of between $20 million and $30 million, which compared with last year's $75.2m.
Synlait said shipping delays would result in some sales happening after its balance date.
It said the result would also be affected by lower prices for some products because of timing and an oversupply of product, and a conservative approach it's taking to its stock take of how much product it has and what it will be worth.
"I am disappointed to share this news with our investor base," acting chief executive John Penno said.

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Synlait Milk says banks have its back after plunge into red

Synlait Milk says banks have its back after plunge into red
Share
Troubled dairy processor Synlait Milk says it has the support of banks and will not need to raise capital after plunging into loss-making territory.
Synlait’s woes reflect some of those being faced by a2 Milk Company, one of its major customers and a shareholder.
New Zealand-based Synlait said on Monday that it expected to report a full-year loss of $NZ20 million-$NZ30 million ($18.6 million-$27.8 million) based on a triple whammy of issues.
The company said it faced shipping delays out of New Zealand that could get worse before they got better, and was achieving lower prices for its ingredient products that it had expected.

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Stock Takes: Trustpower receives bids, Synlait's new brand, AFT's US deal

Stock Takes: Trustpower receives bids, Synlait's new brand, AFT's US deal
27 Apr, 2021 10:14 PM
3 minutes to read
Trustpower has received indicative bids for its retail business. Photo / Bay of Plenty Times
NZ Herald
Trustpower, New Zealand's fifth biggest electricity company, said it had received a number of non-binding indicative bids for its retail business following its announcement of a strategic review in January.
The board had reviewed the
proposals and had progressed into the due diligence stage of the process, Trustpower said.
Read More
Tauranga-based Trustpower has more than 230,000 customers across electricity, gas and broadband.
The review was designed to test interest in the business while also exploring the merits and business case to establish a standalone generation business.

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Sharemarket falls, pulled down by Fisher & Paykel Healthcare

“That’s the largest stock on the index, so it’s going to move the index by itself,” he said.
Davies said the company’s fortunes were influenced by the Covid-19 pandemic and had bounced around in recent times.
Clement, who has been in the role since September 2018, presided over the dairy company’s expansion with new plant, customers and acquisitions as it sought to diversify away from its largest customer, specialist milk marketer The a2 Milk Company which accounts for much of its earnings.
Synlait suffered over the past year after Covid-19 dented sales of a2 Milk’s products, and the departure of Clement was “another blow” for the company, Davies said.

United-states , Fisher-paykel , John-penno , Grant-davies , David-darling , Hindin-greene , Harmoney-corp , Scott-technology , Summerset-group , Paykel-healthcare , Hamilton-hindin , Synlait-milk