SML
16/01/2015 10:55
GENERAL
NOT PRICE SENSITIVE
REL: 1055 HRS Synlait Milk Limited (NS)
GENERAL: SML: Low impact of drought on Synlait's milk supply
Current dry weather in Canterbury is expected to have little impact on
Synlait Milk's milk supply because almost all Synlait suppliers have reliable
irrigation water access.
Managing Director Dr John Penno said that Synlait is not seeing a drop in
milk production, which remains at budgeted levels.
Dr Penno points out that a benefit of the mid-Canterbury region Synlait
operates in is that nearly all Synlait suppliers are irrigated with reliable
water sources. Those who aren't are largely in high rainfall areas.
Synlait has also recently announced Autumn Premium payments to encourage
suppliers to produce more milk late in the season.
Synlait's Board will review its milk price at their next meeting in late
January and an announcement will be made following that.
Dr Penno said Synlait shareholders will likely want to understand how both
weather conditions and any milk price update impacts the business, therefore
a statement will be released to the NZX following that meeting.
End CA:00259816 For:SML Type:GENERAL Time:2015-01-16 10:55:07
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