Synlait's back
OPINION: After years of financial turmoil, Canterbury milk processor Synlait is now back in business.
OPINION: Canterbury milk processor Synlait's recovery seems to have hit another snag.
The listed company, majority-owned by China's Bright Dairy, says manufacturing challenges at its Dunsandel plant are going to hit its full-year bottom line.
However, newly appointed chief executive Richard Wyeth remains upbeat.
He says the 2025 full-year result would be a "marked improvement" on last year.
The net loss for the year to the end of July is now forecast to be between $27 million and $40 million, as opposed to a $182m net loss last year.
However, manufacturing challenges at its Dunsandel facility across a range of product segments will result in one-off costs in FY25.
Synlait has faced a slew of problems - from manufacturing overcapacity to a costly spat with its second-largest shareholder and key customer a2 Milk Company.
Wyeth, an industry veteran, is leading Synlait's recovery. He started in the role 10 weeks ago.
Fertiliser co-operative Ballance has written down $88 million - the full value of its Kapuni urea plant in Taranaki - from its balance sheet in the face of a looming gas shortage.
The Government and horticulture sector have unveiled a new roadmap with an aim to double horticulture farmgate returns by 2035.
Canterbury farmers and the Police Association say they are frustrated by proposed cuts to rural policing in the region.
The strain and pressure of weeks of repairing their flood-damaged properties is starting to tell on farmers and orchardists in the Tasman district.
The sale price of Fonterra’s global consumer and associated businesses to the world’s largest dairy company Lactalis has risen to $4.22 billion.
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