Shareholders want quick turnaround after Fonterra posts first ever loss

Drive 13/09/2018

Fonterra has posted an annual loss of $196 million for the 2018 financial year. The final farmgate price per kilogram of milk solids will be $6.69.

The total cash payout for the year will be $6.79 per kilogram of milk solids. It is made up of the farmgate milk price and a dividend of 10 cents per share.

It has forecast a 2019 financial year milk price of $6.75 per kilogram of milk solids.

To go over the finer details and the feelings amoung shareholders, RadioLIVE's Lisa Owen and Ryan Bridge spoke with Fonterra’s Shareholders’ Council chairman Duncan Coull.

Meanwhile interim CEO Miles Hurrell says the cooperative's results need to improve.

"There's no two ways about it - these results don't meet the standards we need to live up to. In [financial year 2018], we did not meet the promises we made to farmers and unit holders," says Mr Hurrell.

"At our interim results, we expected our performance to be weighted to the second half of the year. We needed to deliver an outstanding third and fourth quarter, after an extremely strong second quarter for sales and earnings - but that didn't happen."

Listen to the full interview with Duncan Coull above.

Drive with Ryan Bridge and Lisa Owen, 3pm - 6pm Weekdays and streaming live on 'rova' channel 9 - available on Android and iPhone.