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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 ma...

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...

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 bef...

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...

“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...