Thursday, April 25, 2024

Fonterra delays results announcement

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Fonterra has put off announcing its full-year results until no later than September 30, saying the process is taking longer than expected.
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It had planned to report next Thursday, September 12.

The co-operative said significant accounting adjustments, signaled last month, added to the delay.

But it says the change in reporting date is unrelated to any discussions with the Financial Markets Authority, recent speculation about further material asset impairments or other announcements.

It also does not affect the co-operative’s ability to operate and pay its bills, including paying farmers for their milk. 

Fonterra confirms its previous announcement that it expects a reported loss of $590-$675 million for FY19, which is a 37 to 42 cent loss per share. 

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