Pallet maker retains Fonterra contract
Timpack, one of New Zealand's largest wooden pallet and bin manufacturers, has been rewarded an exclusive contract to supply Fonterra.
Read: Fonterra is signalling a full-year loss of up to $675 million for 2018-19.
At start of trading day on the NZ Stock Exchange this morning, the share was valued at $3.74 each. By midday the shares had lost 13c or nearly 5% value and hovering around $3.63/share.
Fonterra shares have taken a battering over the past 18 months. In January last year, each share was priced at $6.60. In the last 12 months it has lost 25% of its value.
Fonterra informed the markets this morning that it was bracing for a full-year loss of up to $675 million for 2018-19.
The co-op has also announced that no dividend will be paid for 2018-19; it has also written down $820m to $860m in asset value.
The co-op will announce its full-year results on September 12. However, it’s now clear that the co-op will deliver its second straight annual loss. Last year, the co-op declared its first ever loss of $196m.
