New Zealand's largest company Fonterra once had grand ambitions to dominate the world's dairy markets, but after suffering stinging losses abroad has scaled back its vision, nickgbperry writes.
FILE - In this Sept. 12, 2018, file photo, Fonterra milk tankers pass each other outside the Darfield factory near Christchurch, New Zealand. New Zealand's largest company Fonterra once had grand ambitions to dominate the world's dairy markets, but after suffering stinging losses to the value of its businesses abroad has scaled back its vision. Fonterra on Thursday, Sept.
Fonterra on Thursday announced its worst-ever annual result as it wrote down the value of its assets by hundreds of millions of dollars and promised to stay more focused on its roots on New Zealand dairy farms. “We’re going back to being a New Zealand-based dairy co-op,” said chairman John Monaghan, adding that “you won’t hear us using words like world-leading or world-best. If others wish to say that about us, that’s great.”
The company on Thursday announced an after-tax loss of 605 million New Zealand dollars for the year ended July, compared to a loss of NZ$196 million the previous year. The loss included write-downs of NZ$826 million.
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