The dual-listed dairy processing company operating out of New Zealand has revealed net profit of $37.3 million for the half, which is 9.6% lower than the prior corresponding period.
Although net profit was lower in the first half of FY19, the company maintained its previously given guidance that full-year profit will grow compared to FY18 but at a lower rate.
This infers a strong second half for the company.
Synlait also said it remains on track to deliver canned infant formula volume of 41,000-45,000 tonnes with significantly higher volumes forecast in the second half.
It is possible that Synlait’s half-year result has influence over how other listed producers and sellers of infant formula trade today which includes A2 Milk Company Ltd (ASX:A2M) and Bellamy’s Australia Ltd (ASX:BAL).