Synlait sees profit rise 10%, below expecation

Company News

by Rachael Jones

Synlait (ASX:SM1) today announced its financial result for the 12 months ended 31 July 2019 net profit increased 10 per cent to $82.2 million.

Revenue exceeded $1 billion for the first time, increasing 17 per cent to $1,024.3 million.

NPAT was below expectations, but uncertainty over the new plant Pokeno in Waikato in New Zealand.

Synlait’s financial result was characterised by ongoing growth in infant nutrition volumes, strong efficiency gains and an expansion in lactoferrin capacity and resulting sales.

Shares in Synlait (ASX:SM1) closed 1.91 per cent higher at $9.09.