Fonterra delays financial results for another week

Struggling dairy cooperative Fonterra has set a new date for reporting its audited financial results after deferring the planned September 12 announcement earlier in the month.

The company will now report on the financial year ended July 31 and reveal details of the co-operative’s new strategy on September 26.

In August, Fonterra announced a number of asset write downs and one-off accounting adjustments, and said that the numbers remained subject to the board reviewing the full financial statements and audit adjustments.

The company expects a reported loss of $590-$675 million for FY19, which is a 37 to 42 cent loss per share.

Fonterra said the change of date is unrelated to discussions with the Financial Markets Authority or recent speculation about further material asset impairments.

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