September 25, 2019 / 8:48 PM / a month ago

NZ's Fonterra posts $380 million annual loss, unveils new strategy

Sept 26 (Reuters) - New Zealand’s Fonterra on Thursday unveiled a much-awaited turnaround plan after the world’s largest dairy exporter reported its biggest annual loss as a result of hefty write-downs of some assets. The company reported a loss of NZ$605 million ($379.34 million) for the year ended July 31, which was at the lower end of its forecast of NZ$590 million to NZ$675 million loss.

Fonterra, which announced a write-down of up to NZ$860 million on assets in Brazil, Venezuela and China in August, said its new strategy would focus on its role as a milk co-operative, particularly in New Zealand. ($1 = 1.5949 New Zealand dollars) (Reporting by Rashmi Ashok in Bengaluru; Editing by Arun Koyyur)

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