The gloss is rubbing off white gold.

Synlait Milk has posted a $6.4 million net loss after tax for the first six months to January.

The result includes unrealised foreign exchange losses of $6.8 million.

The lower than expected result is primarily due to delays in infant formula production.

Chairman Graeme Milne says they're expecting a much stronger performance in the second half of the year.

Even though the milk market is still volatile, Synlait has enough committed contracts in place to turn the result around.