NZ Farming Systems misses guidance with bigger FY loss, signals US$135M rights issue

Mon, 27 Aug 2012

By Paul McBeth Aug. 27 (BusinessDesk) - NZ Farming Systems Uruguay, the South American dairy farmer controlled by Singapore's Olam International, missed its guidance of two months ago with a bigger annual loss and signalled plans to raise US$135 million to repay a debt to its controlling shareholder. The net loss of US$7.6 million, or 3 US cents per share, narrowed from a loss of US$8.7 million, or 4 cents, a year earlier, the Montevideo, Uruguay-based company said in a statement. Pretax earnings before fair value adjustments and herd improv...

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