Synlait Milk has reported an annual loss of $4.3 million, following a difficult few months for the industry.

The Canterbury-based milk processor reportedly earned $38.5 million the previous year.

Chief executive Grant Watson aims to turn the company's profit around by diversifying growth strategies and reducing internal costs.

"There's a huge amount of effort going on throughout the business to strengthen Synlait up and have it return back to being a very profitable business again."

LISTEN ABOVE

• Dairy Insights Consultant believes Synlait will bounce back following a2 Milk cancellation
• Synlait Milk shares drop to record low following profit downgrade
• a2 Milk's exclusive deal with Synlait cancelled