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Synlait Milk Ltd (ASX:SM1) Grows FY18 Profit By 89%

Synlait Milk Ltd (ASX: SM1) released its 2018 financial results to the market today revealing a 89% rise in net profit.

Synlait Milk is a New Zealand-based dairy processing company, it is the exclusive manufacturer of infant formula for A2 Milk Company Ltd (ASX: A2M) for the Australian, New Zealand and Chinese markets.

Synlait results:

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Here are some of the highlights from the result, all in New Zealand dollars:

Synlait said that profit growth was mostly driven by an 89% increase in consumer packaged infant formula sales volume, which is higher margin.

Finished goods inventory increased by $55.1 million to $122.6 million, this buildup is to meet expected infant formula sales in FY19.

Synlait Chairman Graeme Milne said, “This has been a milestone year for Synlait as we grew both in capability and capacity.”

The dairy processor also announced it has entered into a conditional agreement to purchase select Talbot Forest Cheese assets including property, plant and equipment at a new 12,000 MT Temuka site, the consumer cheese brand and customer relationships.

The Synlait share price is down 5.7% in early trade according to Google Finance.

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