SML - Synlait Milk Ltd

[Beagle]

NPAT was 15% higher than 2H18, the marginal pressure was clear to see at FY18 with 74m NPAT following 1H18 of 42m.


1H18 GP per MT 1,400 (up from 800 PCP)
2H18 GP per MT 1,195
1H19 GP per MT 1,164


They had signaled the outlier of 1H18 last year

Margins under pressure for some time now and maga capex on new stainless steel. Suppose shareholders are hoping the Chinese play nice with new approvals...what could possibly go wrong seeing as they're such "responsible fair and reasonable" trade partners and we have such a "warm" trade environment lol
I think John Penno sold shareholders down the river with the new contract with ATM and then left and the new guy is obsessed with politically correct B.S.
I'm completely done punting my financial security on the Chinese playing nice and paying over the top metrics for the privilege but GLTAH.