FIRST CUT: Fonterra posts loss of $557m as it writes off $826m from global businesses

Wed, 25 Sep 2019

By Paul McBeth Sept. 25 (BusinessDesk) - Fonterra Cooperative Group reported its second loss in a row as it racked up $826 million of charges writing down assets around the world and meeting other one-off costs. The Auckland-based cooperative posted a loss attributable to shareholders of $557 million in the 12 months ended July 31, widening from its maiden loss of $221 million a year earlier. Revenue fell 1.5 percent to $20.11 billion, while its cost of sales - primarily what it pays for milk - decreased 1 percent to $17.1 billion. F...

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