Listen Download Podcast
  • RFI English News flash 04h00 - 04h10 GMT Mon-Fri
    News bulletin 11/15 04h00 GMT
  • Paris Live AM 04h10 - 04h30 GMT Mon-Fri
    Features and analysis 11/15 04h10 GMT
  • RFI English News flash 05h00 - 05h10 GMT Mon-Fri
    News bulletin 11/15 05h00 GMT
  • Paris Live AM 05h10 - 05h30 GMT Mon-Fri
    Features and analysis 11/15 05h10 GMT
  • RFI English News flash 06h00 - 06h10 GMT Mon-Fri
    News bulletin 11/15 06h00 GMT
  • Paris Live AM 06h10 - 06h30 GMT Mon-Fri
    Features and analysis 11/15 06h10 GMT
  • RFI English News flash 06h30 - 06h33 GMT Mon-Fri
    News bulletin 11/15 06h30 GMT
  • Paris Live AM 06h33 - 06h59 GMT Mon-Fri
    Features and analysis 11/15 06h33 GMT
  • RFI English News flash 07h00 - 07h10 GMT Mon-Fri
    News bulletin 11/15 07h00 GMT
  • RFI English News flash 07h30 - 07h33 GMT Mon-Fri
    News bulletin 11/15 07h30 GMT
  • RFI English News flash 14h00 - 14h03 GMT Sat-Sun
    News bulletin 11/11 14h00 GMT
  • RFI English News flash 14h00 - 14h06 GMT Mon-Fri
    News bulletin 11/15 14h00 GMT
  • Paris Live Weekend 14h03 - 14h30 GMT Sat-Sun
    Features and analysis 11/11 14h03 GMT
  • Paris Live PM 14h06 - 14h30 GMT Mon-Fri
    Features and analysis 11/15 14h06 GMT
  • RFI English News flash 14h30 - 14h33 GMT Mon-Fri
    News bulletin 11/15 14h30 GMT
  • Paris Live PM 14h33 - 14h59 GMT Mon-Fri
    Features and analysis 11/15 14h33 GMT
  • RFI English News flash 16h00 - 16h03 GMT Sat-Sun
    News bulletin 11/11 16h00 GMT
  • RFI English News flash 16h00 - 16h06 GMT Sat-Sun
    News bulletin 11/15 16h00 GMT
  • Paris Live Weekend 16h03 - 16h30 GMT Sat-Sun
    Features and analysis 11/11 16h03 GMT
  • RFI English News flash 16h30 - 16h33 GMT Mon-Fri
    News bulletin 11/14 16h30 GMT
  • Paris Live Weekend 16h33 - 17h00 GMT Sat-Sun
    Features and analysis 11/11 16h33 GMT
To take full advantage of multimedia content, you must have the Flash plugin installed in your browser. To connect, you need to enable cookies in your browser settings. For an optimal navigation, the RFI site is compatible with the following browsers: Internet Explorer 8 and above, Firefox 10 and +, Safari 3+, Chrome 17 and + etc.
Afp

Kiwi dairy giant Fonterra posts first-ever loss

By AFP
media New Zealand's Fonterra is the world's largest dairy cooperative AFP/File

New Zealand's Fonterra, the world's largest dairy cooperative, posted its first-ever annual loss Thursday, admitting it had let farmers down with over-optimistic financial forecasts.

Fonterra's interim chief executive Miles Hurrell launched a review of the business after unveiling a NZ$196 million ($129 million) loss, compared with a NZ$745 million profit in the previous year.

"There's no two ways about it, these results don't meet the standards we need to live up to," he said in a statement.

"In FY18, we did not meet the promises we made to farmers and unitholders."

Fonterra is a collective that buys milk and dairy products from New Zealand farmers and then sells it on to foreign firms.

It means that the bottom line can be squeezed even when dairy prices are strong because it is paying farmers more for the raw product.

Chairman John Monaghan said the dairy giant's forecasting was off track when it announced half-year results in March.

"There's no doubt that at the half year we stood in front of our farmers and made some commitments and we haven't met them," he said.

It has been a tumultuous year for Fonterra, with the departure of former chairman John Wilson and former chief executive Theo Spierings amid grumblings about poor performance.

It wrote down a stake in Chinese infant formula producer Beingmate by NZ$439 million and had to pay France's Danone a NZ$232-million settlement over a 2013 baby formula contamination scare.

Sales revenue for the year was up six percent at NZ$20.4 billion, while earnings were down 22 percent at NZ$902 million.

Fonterra said it was reviewing all its businesses, including the ongoing stake in Beingmate, with a view to lifting performance.

It also promised greater "financial discipline" and more accurate forecasting.

The cooperative said milk prices should remain steady at NZ$6.75 per kilogramme of milk solids in the current financial year.

Shares in the Fonterra Shareholders Fund, the listed part of the business, were down 1.01 percent at NZ$4.92 in early trading in Wellington.

 
Sorry but the period of time connection to the operation is exceeded.