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Fonterra Loss requires further Scrutiny

Fonterra Loss requires further Scrutiny

19 July 2002

PR095/02 Fonterra Loss requires further Scrutiny

While generally unconcerned about Fonterra's $50 million loss, Dairy Farmers of New Zealand Chairman Kevin Wooding says farmers will be closely scrutinising the full financial result in August.

"The results seem to show that Fonterra has paid out money farmer's have not earned in last season's payout of $5.30/kg milksolids, said Mr Wooding. "Usually companies take reserves from farmers, but this year it seems the average farmer is going to be overpaid by about $3,000."

"In the context of a $14 billion turnover a $50 million loss is not making me nervous. Generally I am pleased at the level of transparency in Fonterra's accounts.

"However, there will be hard questions asked if the payout is substantially below the Australian Dairy co-ops, Tatua Dairies or Westland Dairy Products."

ENDS

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