October 26, 2005

Dairy Farmers sees loss of A$12.2 million

Australian dairy giant Dairy Farmers reported a A$12.2 million loss for financial year 2004-05, after laying off one-third of its work force and paying off a A$100 million debt.

During the previous financial year, the company had a net after-tax profit of A$22 million.

For financial year 2004-05, the company's total revenue fell by 20 percent compared with the previous financial year. Higher fuel costs also affected the bottom line.

Dairy Farmers chief executive Rob Gordon said the company had reduced its debt to the lowest level in eight years and was prepared for a profitable future.