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.
The company is in talks with employees over plans to cut its workforce by 15% and annually save about $12 million.
The company has been in turmoil since Covid decimated infant formula sales to China of its key customer and shareholder a2 Milk.
Synlait co-founder John Penno, who was forced to come back as chief executive earlier this year, says some parts of the business are now over resourced, and some areas are under resourced.
The new structure will "remove any unhelpful hierarchy from the organisation".
