Silver Fern Farms posts loss
Meat processor Silver Fern Farms has slumped to a net operating loss of $800,000 for the September year down from a profit of $5.4 million in 2009.
Meat processor Silver Fern Farms has slumped to a net operating loss of $800,000 for the September year down from a profit of $5.4 million in 2009.
Total revenue fell from $2 billion to $1.8 billion on the back of a smaller lamb kill and a higher exchange rate.
One-off restructuring costs of $7.2 million contributed to the loss.
Having moved its financial end of year to September 30, the overall net loss, including one off items was $14 million after tax for the 13 months, including two traditional loss-making September months.
Chairman Eoin Garden said the company had been through a tough three years but did have a robust balance sheet thanks to debt reduction programme.
The Dunedin-based co-operative has chopped debt by $215 million since August 2007, while closing three plants and six lamb chains and exiting the Brooks of Norwich operation in the UK.
With borrowings now down to $117 million the company could focus on delivering long term profitability from its “plate to pasture” strategy, Mr Garden said.
NBR staff
Fri, 26 Nov 2010
Fri, 26 Nov 2010
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Silver Fern Farms posts loss
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