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Synlait Milk had a tough year, with a loss of 20%, against a market gain of about 15%. However, even the best stocks will sometimes underperform the market over a 12-month period.
The half year results highlighted a 19% increase in revenue to $559 million. Also NPAT (net profit after tax) dropped 30%, reflecting “higher depreciation and interest costs”.
SML CEO Leon Clement and Chair Graeme Milne wrote an opening address for their shareholder newsletter which included “While we can confirm there has been no material short-term impact on our financial performance in connection with Covid-19, it represents some downside risk going forward”.
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