NEW ZEALAND: Fonterra posts maiden loss of NZ$50m, warns on price slump
New Zealand mega-dairy Fonterra has posted annual net losses of NZ$50m (US$24.3m) for its first year of trading. The dairy processor and exporter, reported sales worth NZ$13.9bn in the year to 31 May. The payout to shareholder suppliers was a record NZ$5.9bn, 13% higher than the previous year's level paid by the companies from which the group was created, Fonterra said. Fonterra has about 14,000 farmer shareholders.
The dairy processor and exporter, reported sales worth NZ$13.9bn in the year to 31 May. The payout to shareholder suppliers was a record NZ$5.9bn, 13% higher than the previous year’s level paid by the companies from which the group was created, Fonterra said. Fonterra has about 14,000 farmer shareholders.
The company warned that a slump in dairy prices was likely to cut farmer payouts next year.
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