Farmers back Fonterra's 'back to basics' plan
Dairy farmers are cautiously optimistic the Fonterra board can turn the tanker around after the company's record net loss of 605-million dollars. They are backing the company's plan to return to profit by going back-to-basics, saying it should focus on its New Zealand operation and what it does best. The loss, while at the lower end of the forecast range, was largely due to asset write-downs of about 826-million dollars. While farmers are disappointed with the result, they blame poor decision-making by the previous leadership and international investments that got out of control. Our Waikato reporter, Andrew McRae paid a visit to three farmers to find out more.