News | Rural
9 Jul 2020 13:49
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  •   Home > News > Rural

    A huge financial loss is on the cards for dairy giant Fonterra

    A huge financial loss is on the cards for dairy giant Fonterra


    Fonterra
    Fonterra
    The co-op is estimating a loss of up to 675-million-dollars, after writing down several overseas assets.

    It says it won't be paying a dividend for the year to the end of July - so it can pay off its debt.

    But chief financial officer Marc Rivers is reassuring farmers the company's fundamental business is still strong.

    He says the core of the business is doing well and with a more strategic approach he's confident they can deliver and achieve good results next year.

    © 2020 Newstalk ZB, NZCity


     Other Rural News
     26 Jun: Manawatu dairy farmer Andrew Hoggard is the new president of Federated Farmers
     26 Jun: Former Zespri chairman Peter McBride will lead the boardroom of the country's largest company
     26 Jun: Fonterra is replacing its retiring chairman John Monaghan with Tauranga dairy farmer and kiwifruit grower Peter McBride
     24 Jun: The global demand for sheep milk is growing, and Kiwi farmers are responding
     23 Jun: Fonterra farmers who produce sustainable, high quality milk will soon be eligible for a new payment of up to 10 cents per kg of milksolids
     15 Jun: Dairy farmers aren't overly optimistic that a wide ranging milk payout will be narrowed
     03 Jun: Dairy farmers have agreed to again bankroll their industry organisation
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