Synlait trims annual loss, inks $177 mln deal to sell North Island assets
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New Zealand’s Synlait Milk reported a narrower annual net loss of NZ$39.8 million for the year ended July 31, aided by strong customer demand and a NZ$21.1 million increase in gross margin. The company announced the sale of its North Island assets to Abbott Laboratories for NZ$307 million, which is expected to strengthen its financial position by reducing debt. Synlait's majority shareholder, Bright Dairy Holding, will support the transaction, expected to complete by next April.
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