Synlait Milk almost halves profit forecast
Photo: 123rf Synlait is a major supplier of infant formula to A2 Milk, which on Friday said disruption in the daigou sales channel, involving purchases in Australia and New Zealand on behalf of consumers in China, had been more significant than expected. A2 said it expected full-year revenue between $1.4-$1.55 billion, down from guidance of $1.8-$1.9b given at the annual meeting last month, sending its shares 21 percent lower. Synlait said it now expected sales volumes of infant formula to fall by 35 percent as a result of A2 Milk's lower sales. "This updated guidance announcement reflects th...
Source: rnz.co.nz