Related topics: Industry & Markets, Financial, Lamb, New Zealand
New Zealand processor Blue Sky Meats has reported huge losses for the last financial year, blaming “a perfect storm” of factors including a challenging EU market.
The company made an after-tax loss of NZ$449,149 in the year ending March 31, compared to a NZ$3.69 million profit in the same period the year before. Revenue increased from NZ$101m to NZ$114m.
Chairman Graham Cooney said that performance in the first half of the year had been satisfactory, but the company ran into difficulties in the second half as a result of the EU recession, high lamb and mutton prices and Australian exports undermining New Zealand product in international markets.
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