Westland's Financial Struggles in 2024: A $34.7 Million Loss

Westland Milk Products, a company based in Hokitika, New Zealand, has posted a substantial loss of $34.7 million for the financial year 2024, as noted in its financial statement filed with the Company’s Office. This comes after a profitable 2023, where the company reported a profit of $62.5 million.

The financial downturn is largely attributed to a $47.8 million loss in cashflow hedges, overshadowing the company's revenue growth. Westland saw its revenue increase from $1.065 billion in 2023 to $1.15 billion in 2024. Despite the challenging financial year, Westland continues to support 400 suppliers and exports products like Westgold butter to 40 countries.

Interestingly, Westland’s payment strategy to its suppliers remains unchanged, basing payouts on the average price for each season, determined by Fonterra’s milk price. Notably, Fonterra's recent upd ate on its milk price range, se t between $9.70 and $10.30 per kg MS as of March 20, doesn’t impact Westland's financial statements, as per their recent announcement.