March 20, 2018 / 7:48 PM / a year ago

NZ's Fonterra posts H1 loss, writes down value of Beingmate stake

March 21 (Reuters) - New Zealand dairy giant Fonterra reported a half-year loss on Wednesday and announced an NZ$405 million ($290.9 million) writedown on its stake in Chinese infant formula producer Beingmate.

Fonterra, the world’s largest dairy exporter, posted a net loss after tax of NZ$348 million for the six months to Jan. 31, compared with a profit of NZ$418 million a year ago as very dry weather hampered milk production.

The company also said it had written down the value of its 18.8 percent stake in Beingmate after the Shanghai-based business this year forecast losses earlier this year. (Reporting By Shashwat Pradhan in Bengaluru Editing by David Goodman)

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