New Zealand mega-dairy Fonterra has posted annual net losses of NZ$50m (US$24.3m) for its first year of trading.
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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.
