Revenue lifts, but cashflow hedges lose Hokitika company almost $48m.
Westland Milk Products has posted a $34.7 million loss for the 2024 financial year, according to its financial statement filed to the Company’s Office.
The Hokitika-based company faced a $47.8m loss in cashflow hedges that saw it make a loss after coming from a $62.5m profit in 2023.
The loss came despite revenue lifting from $1.065 billion in 2023 to $1.15bn.
The dairy company has 400 suppliers and exports its products, including Westgold butter, to 40 countries. It pays its suppliers the average price for each season, running from August 1-July 31 with the price based on Fonterra’s milk price.
The price estimated in the accounts is $10.10/kg milk solids, representing the midpoint Fonterra milk price as of December 31 last year of $9.50-$10.50 plus a 10-cent premium per kilogram of milksolids.
Fonterra’s update of its milk price on March 20, where it narrowed its range to $9.70-$10.30/kg MS, has no impact on Westland’s statements, it said.
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