Finally, we get a good meaty piece on the Fonterra accounts and half year announcement from Fran O'Sullivan in the NZ Herald. She also reinforces the view of the NBR the the PR around the half year announcement was very badly handled.
Fran leads with the fact that there has been a drop in revenue. And she focused in on the large milk mountains that Fonterra has warehoused around the country . But overall her tone is cautiously optimistic - noting that Ferrier has managed a reduction in operating expenses and that despite all the payout to farmers has been maintained at $5.10.
Wednesday, 25 March 2009
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3 comments:
With all due respect to NBR BB - could be said they reinforced my view . Who asked the questions?ad
Ferrier says that the milk powder mountain is a "few weeks behind where they would normally be.
Bullshit mate.
Here in the Manawatu there is 8000 square metres of extra storage being used. industry norms suggest that at three pallets high and one tonne per pallet that is 14000 tonnes extra being stored here.Nationwide they are renting at least 9 times that storage. I don't know how full that is but at capacity it would hold about 120,000 tonnes.
So Mr. Ferrier if that is only a few weeks behind, I would hate to see a couple of months behind, because we don't have that sort of storage in NZ.
With all due respect Fran, you weren't the only one to grill them over the poor information release! I seconded your complaint straight after, and added a few criticisms of my own. Perhaps you had hung up your phone by then? :)
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