New Zealand small dairy operator Synlait Milk Ltd reported a 78 percent rise in first half profit on Thursday on a big lift in sales, but lowered its full year forecast.
The company, which listed on the stock exchange last July, reported a profit of NZ$12.1 million ($10.4 million) for the six months to Jan 31 compared with NZ$6.8 million the year before.
Synlait said it expected a full year profit of NZ$25 million to NZ$30 million, because of regulatory changes in China, the impact of the Fonterra botulism scare, and a high |New Zealand dollar. In January, it forecast NZ$30-NZ$35 million from a NZ$19.8 million prospectus forecast.
It said it would increase capital spending on facilities to make infant formula.
The company, which has China's Bright Dairy and Food Ltd as its major shareholder, said it would not pay a dividend.
