Synlait will publish its full earnings on the 19th of September.
Synlait Milk, the NZX-listed dairy company, says annual profit more than doubled on sales of higher-margin products.
Underlying profit was between $32 million and $33m in the year ended July 31, from $12.2m a year earlier, the Rakaia-based milk processor said yesterday.
Net profit, which includes the reversal of a
year-earlier $1.7m loss related to inventory financing, was between $34m and $35m, up from $10.6m the previous year, it said.
Synlait is on track to produce its largest profit since listing in 2013, even as dairy prices on the GlobalDairyTrade auction remain depressed due to a global oversupply and weak demand for milk products.
The company raised $75m of new capital in its initial public offering and has used those funds to repay debt and build new plant to enable it to boost production of value-added products. Its gross profit per tonne jumped to between $880 and $890 in the latest year, from $593 a year earlier.
