Oceania Dairy made a $19 million loss for the 2023 year, according to its annual report.
Oceania Dairy results for 2023 show a $19 million loss. File photo/Oceania Dairy
Oceania Dairy results for 2023 show a $19 million loss. File photo/Oceania Dairy

Total revenue also fell to $376m compared to $440m the year before.

Oceania Dairy made a $19 million loss for the 2023 year, according to its annual report.

The $19.1m loss for the year ending December 31 compares to $3.9m for 2022. Oceania Dairy’s total revenue also fell to $376,172,250 compared to $440,722,775.

The company is owned by Westland Milk Products owners and Chinese group Yili, and has a factory north of Glenavy in South Canterbury.

The report says the company sold 39,471 tonnes of products to a number of companies owned by Yili, generating $316m in revenue. This is down on the previous year’s result, which saw Oceania sell 68,350t, generating $371.3m.

The full breakdown of Oceania’s revenue showed that revenue from customers within the Yili Group amounted to $240.29m, down from $371.3m the previous year; revenue from external customers lifted from $32.1m to $56.7m and other revenue including milk sales also lifted from $37.1-$79.1m.

The price Oceania pays for its milk from its suppliers is based on Fonterra’s milk price, which is not announced by the co-operative until later this year. The price estimated in the accounts is $7.80/kg MS, based on Fonterra’s midpoint forecast in December, which was $7.50/kg MS.

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