Fonterra forecasts up to $675m loss for year

Dairy giant Fonterra is forecasting another big loss as it writes down the value of underperforming overseas assets.

The co-operative is forecasting a loss of between $590 million and $675m for the year current financial year.

Fonterra said it expected to write down the value of four significant overseas ventures in South America, China and Australia by more than $600m.

The writedowns come as it reviews its business from top to bottom and looks to cut its debt by $800m this year.