Fonterra - new date for results and strategic plan announced

Fonterra - new date for results and strategic plan announced

New Zealand dairy giant Fonterra has said it will report its delayed annual results on 26 September.

In a statement issued today (17 September), the embattled business said its new strategy will also be unveiled on that date.

The cooperative, the world's largest dairy exporter, had been expected to publish the results on 12 September but said it needed more time to complete the audited statement because of significant accounting adjustments.

Fonterra has already said that it expects to report a loss of NZD590m (US$379m) to NZD675m for FY2019.

The cooperative also recently confirmed job cuts are an option but it is uncertain whether, if this were to happen, they will be announced on 26 September as part of its new strategy.

Report in the Kiwi media have suggested middle-management positions are likely to go.

A Fonterra spokesperson previously confirmed to just-food that it would be changing its "organisational structure". 

It anticipates making an annual loss as a result of a number of previously announced write-downs. 

Fonterra previously said staff would not receive bonuses for this year and those earning over NZD100,000 would not receive a pay rise next year. The move is expected to impact around 7,000 of Fonterra's 22,000 employees.