The world's largest exporter of dairy products bears the first annual losses - 1BiTv.com

The world's largest exporter of dairy products bears the first annual losses

The New Zealand company Fonterra for the first time incurred annual losses due to rising costs and large non-recurring expenses


The world's largest exporter of dairy products bears the first annual losses


The firm said that as a result, it will conduct a major review, starting with its investment in China Mightman.
Earlier this year, Fonterra discovered a major write-off from its share in the producer of Chinese baby food manufacturers.
The company also stated that its forecasts were too optimistic.
Fonterra is a cooperative that buys dairy products from New Zealand farmers and sells them to foreign companies.
The proprietor who owns the farmer incurred a net loss after tax of 196 million New Zealand dollars (128.5 million pounds sterling, £ 98.5 million) for the year ended July.
"There are no two ways, these results do not meet the standards that we need to meet," said Interim CEO Fonterra Miles Harrell.
Fonterra suffered a write-off of more than 400 million New Zealand dollars from her investments in the company in Beingmate. She announced her intention to acquire a 20% stake in the Chinese company in 2014 in an attempt to increase its distribution network.
Chief Financial Officer Mark Rivers said that "all options were on the table," when asked during a media call, can the review lead to the fact that Fonterra will sell its 18.8% stake in Beingmate.
Fonterra also had to pay millions of dollars to damage the French dairy giant Danone due to panic pollution in 2013.


13.09.2018 08:00:18
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