$12m loss for meat giant

Meat company Affco has reported a $12.3 million after-tax loss for the year to September.

The figure is well down on last year's narrow $574,000 profit but the company said its downfall came in the first six months of the year and it had had a profitable second half.

Chairman Sam Lewis said the result included $2.8 million of non-recurring restructuring costs.

He blamed the strengthening New Zealand dollar and softening international beef markets for a $211 million decline in revenue to $991.9 million.

Lewis said Affco was now looking to the future with confidence.