New Zealand's Synlait Milk top gainer on job-cut plan

Tourism Holdings

08/09/2021 24:50

** Synlait Milk  SML.NZ  outperforms New Zealand's top 50
stocks, climbing 2.2% to NZ$3.24 
    ** The dairy firm is discussing a proposal with staff and
union representatives to cut its headcount by 15%, hitting
around 150 jobs  urn:newsml:reuters.com:*:nL4N2Q93MR
    ** Only 7 stocks were up after more than an hour of trade,
with the Tourism Holdings  THL.NZ  the next top gainer, rising
0.8%
    ** SML expects the job cuts to save between NZ$10 mln and
NZ$12 mln ($7.10 mln-$8.52 mln) annually 
    ** SML has been hamstrung by disruptions caused by the
pandemic; expects to post an annual loss of up to NZ$30 mln on
Sept. 27
    ** Volumes were below their 30-day avg, though; stock down
~39% this year to Tuesday

($1 = 1.4090 New Zealand dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))