Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
The A2 Milk Co more than doubled its profit to $195.7 million in the year to June 30 – over 116% ahead of the previous financial year.
The total revenue was $922.7m, a 68% increase on last year and earnings before tax were $238m, up 101% on last year.
a2 Platinum infant formula sales revenue was $724.2m, an increase of 84% on the previous year.
The company reported that sales of a2 Platinum infant formula again grew substantially in Australia and China, with continued growth in market share. The ANZ market share grew from 26% to 32% by value.
a2 Platinum remains the fastest growing infant formula brand by value in Australia, the company says.
Consumption market share by value grew to 5.1% in China.
Distribution has grown to 10,000 stores in China and 6000 stores in the US.
The company continued raising its brand awareness, expanding distribution in priority markets and adapting to new regulations in China.
Managing director and chief executive Jayne Hrdlicka says full year 2018 has been a year of change.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
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OPINION: Synlait's financial woes won’t be going away anytime soon.