Synlait FY26 Result: $75.4m Loss, Second-Half Profit
Synlait has swung to second-half profit as operations stabilise, but the dairy processor still posted a $75.4m annual loss.
At the HSBC NZCTA China Business Awards 2013 in Auckland, Synlait Milk won the NZCTA (New Zealand China Trade Association) Supreme Award and the DLA Phillips Fox Award for successful investment with China, inward or outward.
Synlait chief executive officer John Penno says the awards are recognition for the achievements made by all those who have contributed to the development and growth of Synlait, staff, suppliers, shareholders and customers.
"Synlait's focus on excellence in all aspects of its operations and a determination to build partnerships with our customers in China and the rest of the world are key elements in our strategy to be one of the world's most trusted and innovative suppliers of milk nutritional products."
China has been an important market opportunity for Synlait. A third of sales are now directed to China to meet the growing demand for high value infant and adult nutritional products.
Synlait's relationships with China's was strengthened by the arrival in 2010 of Shanghai's Bright Dairy and Food Co Ltd as a cornerstone shareholder.
The first premium infant formula produced by Synlait Milk was for Bright Dairy and since then Synlait's reputation as a trusted supplier of high quality nutritional products has resulted in further contracts to supply infant formula to a number dairy companies operating in China.
Synlait chief executive officer John Penno says he is delighted to win this prestigious award.
