WELLINGTON - New Zealand's Fonterra, the world's largest dairy cooperative, posted its first-ever annual loss Thursday, admitting it had let farmers down with over-optimistic financial forecasts. New Zealand's Fonterra is the world's largest dairy cooperativeFonterra's interim chief executive Miles Hurrell launched a review of the business after unveiling a NZ$196 million ($129 million) loss, compared with a NZ$745 million profit in the previous year. Fonterra is a collective that buys milk and dairy products from New Zealand farmers and then sells it on to foreign firms. Fonterra said it was reviewing all its businesses, including the ongoing stake in Beingmate, with a view to lifting performance. The cooperative said milk prices should remain steady at NZ$6.75 per kilogramme of milk solids in the current financial year.

Source: Bangkok Post September 12, 2018 23:48 UTC