Synlait has warned of a substantial slump in profitability ahead of its interim FY2023 results to be released next week. Its announced a new market guidance of $15 million to $25m net profit after tax for the full financial year, compared with $38.5m last financial year. Its share price immediately lost 30c or 10%, and it now sits at $2.85. In January the dairy company said its full-year guidance was unchanged but that earnings would be delayed until the second half. At that time the guidance was for a result similar to 2021’s $75m. Synlait chief executive Grant Watson says the main reasons reduced forecast demand of A2 infant formula base. Cost challenges, including CO2 shortages and continued challenges with the implementation of a new Management System. Grant Watson says Synlait’s two-year recovery plan will now take three years.
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