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Wednesday, 31 May 2023 12:55

Synlait woes

Written by Milking It

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OPINION: Listed Canterbury milk processor Synlait is fighting an uphill battle to get its business in order.

A month after announcing a further profit downgrade, Synlait shares continued trending south as some shareholders offloaded their stake, fearing things could get worse for the troubled company.

Synlait informed the stock exchange that it remains highly focused on diversifying its customers, mitigating risk, and reducing its cost base and inventory to strengthen its balance sheet.

But it left the door open for further profit downgrades. Last week Synlait shares were trending at $1.58/share after dipping as low as $1.41 on several days. Before its latest profit downgrade, Synlait shares were trading around $2.14/share.

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