26 Sep 2019

Fonterra goes back to basics after $605m loss

From Checkpoint, 5:10 pm on 26 September 2019

Dairy giant Fonterra is promising to get back to basics after unveiling a $605 million annual loss.

New Zealand's biggest company has written off $826 million from mainly overseas assets as it looks to clear the decks and scale back its global ambitions.

And while it's confirmed a farmgate milk payout to farmers of $6.35/kg of milk solids for this season, the payout won't be topped up with a dividend.

Here's RNZ business reporter Nona Pelletier.