Silver Fern Farms turns to FY loss on inventory writedowns, soaring livestock prices

Tue, 13 Nov 2012

Nov. 13 (BusinessDesk) - Silver Fern Farms, New Zealand’s biggest meat processor and marketer, posted a full-year loss after a drop in demand forced it to write down inventory valuations while it had to compete for livestock at "unsustainable” prices. The net loss was $31.1 million in the year ended Sept. 30, from a profit of $30.8 million a year earlier, the Dunedin-based company said in a statement. Sales fell to $2.03 billion from $2.1 billion. The company said the 2011/2012 season began with ideal pasture growing conditions which meant f...

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