Risky business
OPINION: In the same way that even a stopped clock is right twice a day, economists sometimes get it right.
That’s because the two farmer co-ops Hewett chairs have both recently reported losses for the past year.
Silver Fern Farms posted a massive loss of $98 million and the struggling Farmlands a $700k loss.
For the self-confessed big ‘Jacinda fan’ and supposed top-notch businessman this is a pretty poor record.
Meanwhile, it seems the trouble at Farmlands is not just around its poor bottom-line performance but the co-op’s whole business model.
Shareholders, suppliers and customers seem very upset with the direction and ‘reconfiguring’ the business. ‘Chairman Rob’ also has the ongoing disaster that is Wool Impact, which seems to have done bugger all.
