New Zealand's Fonterra , the world’s biggest dairy exporter, said on Monday...
), the world’s biggest dairy exporter, said on Monday it was on track to post an annual loss of as much as NZ$675 million due to a series of write-downs and that it would not pay a dividend this year.
The dairy firm said a review of its business that was launched last year found a few assets that were over-valued, including a Brazilian joint venture with Nestle SA and farms it owns in China, prompting it to reduce their value by between NZ$820 million and NZ$860 million. “These are tough but necessary decisions we need to make to reflect today’s realities,” said Chief Executive Officer Miles Hurrell, who took over the top job at the embattled dairy firm earlier this year.
The writedowns should help Fonterra turn its business around, said Jeremy Sullivan, investment adviser at Hamilton Hindin Greene.
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