Wednesday, 04 March 2020 12:42

Coronavirus worries for Synlait

Written by  Staff Reporters
Synlait chief executive Leon Clement says Synlait is an export-based business. Synlait chief executive Leon Clement says Synlait is an export-based business.

The coronavirus outbreak contributed to Synlait’s decision to issue a wider earnings guidance range.

The Canterbury-based milk processor now expects a net profit after tax (NPAT) of between $70 million and $85 million, compared with $82.2 million for 2019.

The company says the outbreak has had no material short-term impact on its financial performance, but it represents some risk going forward so was considered as part of the broader outlook update. 

The company says it takes the health and wellbeing of its employees and its food safety responsibilities very seriously. 

“The spread of Coronavirus and the risk it poses to Synlait’s business is being carefully monitored. Globally there is uncertainty about Coronavirus’ impact on supply chains and consumer demand.”

Synlait chief executive Leon Clement said Synlait is an export-based business with a reputation built and maintained on putting people, food safety and quality at its heart. 

“This will continue to inform our response to this situation. We are not currently experiencing any supply chain disruption; however, we are monitoring the situation very closely and felt it prudent to front foot potential impacts.”

More like this

Let them open!

Horticulture NZ is pleading with the Government to allow independent fruit and vegetable retailers to remain open as the wider Auckland region undergoes another COVID lockdown.

Featured

Lindsay Farm raw milk recall

Raw milk from Central Hawke’s Bay producers Lindsay Farm is being recalled after Campylobacterbacteria was found in some product.

 

Carcase collection impasse

Collection of dead calves from farms around the country has stopped with farmers and the recycling company blaming each other for the impasse.

Taking NAIT seriously

North Otago calf rearer Jared Ovens believes the Mycoplasma bovis outbreak has led to more farmers embracing animal traceability.

» The RNG Weather Report

» Latest Print Issues Online

Milking It

No hidden cameras

A court has ruled that hidden camera footage showing cows being beaten with a steel pipe is unlawful partially on…

Avo milk

You've heard of soy milk and almond milk……now’s time to meet Avocado milk.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter