New Zealand meat processor Silver Fern Farms has booked a loss in the year to the end of September as higher lamb prices hit global demand.
The company racked up a net operating loss of NZ$31.1m (US$25.4m) in the 12-month period, down from an income of NZ$30.8m in 2011.
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Chief executive Keith Cooper said Silver Fern’s bottom line was hit by difficult trading conditions as a shortfall of lamb supply resulted in “unsustainable” global prices.
The lower supply led, Cooper said, “resulted in a sharp fall in demand, which then led to a significant decline in value”.
The company said turnover for the year was down slightly, dropping to NZ$2.03bn from NZ$2.1bn.
Nevertheless, the co-operative insisted it remains well-placed to drive future growth, having invested in various initiatives during the fiscal year, including marketing initiatives and manufacturing improvements.
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