Synlait has reported a half-year loss of $80.6 million.
Synlait has reported a half-year loss of $80.6 million.
Synlait Milk has reported a net loss after tax of $80.6 million, with a reported earnings before interest depreciation and amortisation loss of $34.7m.
The Canterbury-based dairy processor reported its half-year results on Monday and provided an update on its recovery plan under the leadership of chief executive Richard Wyeth,which it described as “stabilise, simplify, scale”.
Its revenue increased $32.3m to $949m.
Wyeth said the numbers they were presenting were frustratingly disappointing.
“They are the result of a period where Synlait faced multiple headwinds and had little choice as to how to deal with them. They reflect a severe lack of optionality, not effort, and they do not define the company’s future – although recovery will take time.”
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