Fonterra is delaying its full-year results to give auditors more time to tally the cost of writedowns, which are expected to drag the dairy giant to its worst ever loss.
Fonterra last month announced it expected to post a loss of between $590 million and $675 million on asset writedowns and one-off accounting adjustments
The NZ-based company, which also trades on the ASX, was scheduled to report its statutory accounts on September 12, but announced on Friday that PwC needed more time to complete the process.
A new date is expected no later than September 30.
Fonterra said the change in reporting date was unrelated to any discussions with the Financial Markets Authority, or recent speculation about further material asset impairments.
“It also does not affect the co-operative’s ability in any way to operate and pay its bills, including paying farmers for their milk,” Fonterra said in a statement.
The company’s ASX-listed shares were worth $3.02 before trade on Friday, just above the near historic low of $.2.97 hit last month.
Its Australian business has suffered from continued dry conditions, with domestic milk supply shrinking and competition increasingly aggressive.