Synlait (ASX:SM1) net profit down 9%
Synlait Milk (ASX:SM1) says its annual net profit is down 9 per cent to $75.2m, as it warned of significant global uncertainty ahead.
Revenue rose 27 per cent to $1.3bn and earnings EBITDA increased by13 per cent to $171.4 million
Synlait Chair Graeme Milne said “Synlait’s financial performance was resilient when viewed against the backdrop of COVID-19.
The business’s consumer-packaged infant formula volumes are expected to be similar year-on-year, with lower demand in the first half of FY21 due to higher than normal stock levels in the supply chain. Synlait expects a return to growth in the second half of FY21 once stocks have cleared.
The company is targeting a similar, or slight improvement on, our FY20 NPAT result.
Shares in Synlait Milk (ASX:SM1) are trading 5.49 per cent lower at $5.34
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Source: Finance News Network
