As disappointed farmers deal with Fonterra’s poor performance it emerges a new multi-million dollar cheese plant is hardly being used. Business editor Maria Slade reports. Fonterra once called it “the single largest foodservice investment in New Zealand’s dairy industry”. Now its $240 million mozzarella cheese plant at Clandeboye near Temuka is sitting close to idle … Read more
Fonterra has unveiled its new pared-back ambitions along with its dismal 2019 result. Business editor Maria Slade analyses what it all means. Kāpiti cheese no longer made on the Kāpiti Coast. On any normal day, this would be grim news. But on the day that Fonterra announces a $605 million loss and calls time on … Read more
Fonterra has delayed its walk up the annual results aisle by two weeks, after earlier warning it will make a multi-million dollar loss. Peter Fraser traces the events leading up to the surprise decision and considers whether there is more to it than meets the eye. For Fonterra, September 12 2019 mattered. It was the … Read more
New Zealand’s largest company has warned it will lose as much as $675m this year. What has happened in dairying and are we doomed? What has Fonterra said? Fonterra Co-operative Group has given farmers and the markets an update on its financial situation. It says it will make a whopping loss for the year of … Read more
Milk is practically white gold, right? Turns out not so much, with Fonterra announcing a huge loss for the year. Business editor Maria Slade explains why our biggest dairy company has lost so much money. Has our largest company really made its first ever loss? Yes. Fonterra Co-operative Group has announced a $196 million loss … Read more
Good morning, and welcome to The Bulletin. In today’s edition: Jim Bolger is back, Housing NZ CEO set to front up, and logging debris causes havoc after Tologa Bay flooding. Sector wide collective agreements, and minimum pay and conditions across industries, will be investigated by a government working group. The working group will look at ways to … Read more