Fonterra's profit warning increases importance of asset sales - Fitch

Fonterra's profit warning increases importance of asset sales - Fitch
Rebecca Howard
By Rebecca Howard May 24 (BusinessDesk) - Fonterra Co-operative Group's profit downgrade doesn't impact its rating but increases the importance of its asset sales, Fitch Ratings says. Fonterra yesterday cited "heightened risks" in the fourth quarter to the co-op’s previous forecast normalised earnings and lowered its guidance to 10-15 cents per share from 15-25 cents. That implies a forecast range of $161.2-241.8 million, compared to $241.8-403 million. Fitch - which had already revised its outlook to negative from stable when Fonterra...

More Primary Sector

Dairy Goat Co-op chair Campbell Storey to step down
Primary Sector

Dairy Goat Co-op chair Campbell Storey to step down

He won't go until the annual meeting in September, however.

Riley Kennedy 02 May 2024
John Penno quits Synlait board as George Adams elected chair
Primary Sector

John Penno quits Synlait board as George Adams elected chair

Synlait Milk co-founder John Penno has quit the company’s board, and George Adams has taken over as chair.The debt-laden milk processor told the New Zealand stock exchange (NZX) on Wednesday that Adams, who joined the board in March as an independent director, would take over fro...

Riley Kennedy 01 May 2024
NZ startup Jooules is turning CO2 into protein
Primary Sector

NZ startup Jooules is turning CO2 into protein

Jooules’ fermentation tech aims to mitigate world hunger and climate change.

Ben Moore 01 May 2024
Restless farmers want change at the Dairy Goat Co-op
Primary Sector

Restless farmers want change at the Dairy Goat Co-op

The chief executive’s been replaced, now they want the chair to follow.

Riley Kennedy 30 Apr 2024