UPDATE: Fonterra scraps dividend on expected FY loss, won't meet debt target

Mon, 12 Aug 2019

(Recasts lead to include debt target and updates to add detail, comment from Fonterra and analyst) By Rebecca Howard Aug. 12 (BusinessDesk) - Fonterra Cooperative Group expects to report a full-year loss of up to $675 million and won't pay a dividend as it slashes the carrying value of assets around the world. It also didn't meet its $800 million debt reduction target for the year. 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...

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