WELLINGTON, New Zealand — Synlait Milk Ltd. said it expects to return to “robust profitability” after sinking to losses in its past financial year.
The New Zealand milk-powder producer said its results for the current financial year will be helped by production ramping up for a new multinational customer and a return to more normal business conditions.
Synlait on Monday reported a loss of 28.5 million New Zealand dollars ($20 million) for its financial year ended July 31, due to disruptions brought on by the pandemic, including at a key customer, a2 Milk Co. Ltd. Synlait did not pay a dividend.
The company said profits would be robust in the current financial year and it would return to pre-pandemic levels of profitability by the end of its 2023 financial year.