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.
Westland $34.7m in the red for 2024
Westland recorded a $34.7m loss despite revenue lifting in 2024. File photo

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.

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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