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Synlait Milk swings to loss in fiscal H1

Synlait Milk Ltd. said its normalized net income for the fiscal first half ended Jan. 31 came to a loss of 4 New Zealand cents per share, compared with 7 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NZ$5.5 million, compared with income of NZ$10.5 million in the year-earlier period.

Total revenue decreased 30.7% year over year to NZ$197.5 million from NZ$284.9 million, and total operating expenses declined 27.6% from the prior-year period to NZ$192.4 million from NZ$265.6 million.

Reported net income totaled a loss of NZ$6.4 million, or a loss of 4 cents per share, compared to income of NZ$12.1 million, or 8 cents per share, in the year-earlier period.

As of March 30, US$1 was equivalent to NZ$1.33.