MINUTES AGOSynlait profit jumps on record revenuesVALERINA CHANGARATHILASX-listed NZ dairy group Synlait has delivered its largest annual sales revenue and volume on record, posting a 235 per cent full year profit jump to $NZ38.5m ($33.6m).Total reported revenue increased 21 per cent to $NZ1.7bn, driven by higher sales pricing pushed by commodity prices and sound management of product mix differentials and forex, the group said.Earnings before interest, taxes, depreciation and amortisation increased to $NZ129.1m, putting the group on track to "robust profitability".A final average base milk price of $NZ9.30 for the 2021/2022 season was also announced – the highest base milk price Synlait has paid.The group said it had increased its focus across milk supply, food service, and the China market, as part of a refreshed strategy.Synlait intends to exit FY23 and enter FY24 with a similar level of profitability experienced before FY21, subject to a tight labour market, high inflation, and supply-chain pressures.Shares on the ASX last traded at $3.17.
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