Fonterra says it won't pay a dividend this year; expects FY loss of up to $675m

Sun, 11 Aug 2019

By Rebecca Howard Aug. 12 (BusinessDesk) - Fonterra Cooperative Group said it expects to report a full-year loss of $590 million to $675 million and that it won't pay a dividend as it slashes the carrying value of assets around the world. Chair John Monaghan said in light of the significant write-downs "we have made the call to not pay a dividend for FY19," for the year ending July 31. While the underlying performance is in line with the latest earnings guidance, "we cannot ignore the reported loss," he said. Fonterra reported its firs...

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