Following the reports that New Zealand’s dairy group, Fonterra, has scrapped bonuses and frozen the pay of about 7,000 employees, as it set to report its worst annual loss next week, the dairy giant confirmed on Friday that it expects an FY 2019 loss and defers the annual results reporting date.
Key Quotes:
“We are changing our annual results date. It will now be no later than 30 September and we will confirm the new date ASAP. Nothing unusual has led to this change of date, but the normal auditing process is taking longer than expected.
Fonterra confirms its previous announcement that it expects a reported loss of $590-$675 million for FY19, which is a 37 to 42 cent loss per share.”
The Kiwi is on the front foot so far this Friday, looking to regain the 0.64 handle amid US-China trade progress and risk-on market profile. Hence, the bulls look unfazed by the Fonterra news. At the press time, the spot rises +0.16% to near 0.6380 region, having hit weekly highs at 0.6397 on Thursday.
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