Dairy company Synlait Milk has withdrawn the earnings guidance it made two months ago as it continues to experience significant uncertainty and volatility within its business. The company’s share price dropped nearly 12% to $3.40 in early trading on the NZX Thursday with the stock down about 35% in the past 12 months. Synlait’s woes are related to those suffered by a2 Milk Company which is a “strategic partner” as well as a 20% shareholder. The biggest shareholder in Synlait is China’s Bright Dairy Holdings with 30%. In November 2020 the company had a $200 million capital raising in which shareholders paid $5.10 each for new shares. Synlait was aiming for an after tax profit above last year’s $75.2 million, but in December change that to profits for the year being HALVED. It seems now event that target “will now not be attainable”. The company will update the situation when it announces half-year results on March 29.