TasFoods said it continues to focus on right-sizing the business as it failed to recover from a net loss last year.
The poultry processor’s annual net loss grew to $10.5 million last year from $987,000 in the prior year, when the company benefitted from the sale of its Betta Milk, Meander Valley Dairy and Shima Wasabi businesses.
Revenue plunged 37.2 per cent to $47.1 million due to a $6 million non-cash impairment in Nichols Poultry and a decline in revenue in poultry and Pyengana Dairy divisions.
“The company faced a challenging year in 2024 as market conditions continued to face the headwinds experienced through 2023,” said TasFoods.
“In response, the board and senior management continue to focus on our strategic priorities of right-sizing the business mix to allow the company to trade through a lower demand, higher-cost environment through 2025.”
Moreover, the company said it continues to assess its business divisions and asset profile to ensure the best outcome for shareholders.
