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Troubled dairy company Synlait faces more uncertainty, less than a week after shareholders voted to save the company.
This time, the company has withdrawn its earnings guidance for the 2024 financial year.
Synlait said its 2024 performance was affected by "unforeseen year-end timing differences between July and August for manufacturing and shipping".
It also faced additional costs related to its strategic review and deleveraging plan because of the extra time needed to carry out the work.
Synlait said as a result, its final underlying earnings result would be below the previously announced guidance - which it said was at the lower end of the $45 million to $60m range.
The previous guidance excluded a non-cash adjustment of $17m.
The withdrawal of its guidance came after Synlait shareholders voted to approve a $130m loan from major shareholder Bright Dairy last week, to meet a deadline to repay Synlait's debt.
If the loan had not been approved, Synlait faced the possibility of voluntary administration.
"The board is committed to resetting Synlait's balance sheet to help it return to a position where it can deliver on the growth potential seen in its core advanced nutrition and foodservice businesses," Synlait told the NZX.
"To achieve this, considerable steps are being taken to complete the deleveraging plan. The first step was completed on Monday 15 July 2024 with the $130m payment made to Synlait's banks."
Synlait said it remained on track to meet minimum underlying earnings for bank covenant purposes.
