Warrnambool Cheese and Butter Factory (WCB), the Australian dairy firm, indicated today (22 June) that it anticipates full-year losses to reach between A$16-18m (US$12.7-14.3m).
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The firm had previously forecast a net loss of A$10-12m. However, at the end of last month, the company said its losses would exceed that figure.
The “continuing weakness” in global dairy prices, the strong Australian dollar, the loss of part of its milk supply and costs linked to its planned venture with National Foods have taken a toll on WCB’s profitability, the company said.
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