New Zealand dairy company Synlait Milk lowered its 2015 profit forecast on Friday by up to 30 percent because of changed market conditions and a high exchange rate.
The small dairy processor, part owned by China's Bright Dairy & Food, said it now expected a net profit between NZ$17.5 million and NZ$22.5 million ($14.8 million to $19.1 million).
It had previously forecast a profit range of NZ$25.0 million to NZ$30.0 million.
It also forecast an initial milk payout to its suppliers for the coming dairy production season of NZ$7.00 a kilogram of milk solids, matching the forecast made earlier this week by global giant Fonterra Ltd.
