Shares in Synlait tumbled as the New Zealand dairy firm lowers its forecast annual earnings.

Synlait revised its profit guidance from NZ$25-30m (US$21.2-25.4m) to NZ$17.5-22.5m, citing a “reduced advantage from a favourable product mix in the second half of the year” and the consistently” New Zealand foreign exchange rate.

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“We had been expecting to maintain the benefits of a very favourable product mix for the remainder of this financial year, however the exceptional market conditions experienced in the first half of the year have moderated,” said chairman Graeme Milne.

Synlait MD John Penno said the company’s financial performance remained “on track” Penno said Synlait was “confident” of receiving the green light from China to export finished infant formula into the country. The construction of its dry blending and consumer packaging facility is expected to be completed next month.

Shares in Synlait Milk closed down 8.82% at NZ$3.10 per share.

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