Fonterra-linked Aust company suffers forex loss

Bonlac, 25 percent-owned by New Zealand's dairy giant Fonterra, had saved $A68 million in overheads, the paper reported.

But it had lost $A70 million during the 2002 financial year due to old hedging contracts put in place during the Asian crisis, the company told shareholders at its annual meeting yesterday.

This meant Bonlac had suffered an overall loss of $A33 million, despite making a pre-tax profit of $A37 million.

Bonlac is looking at selling Recaldent tooth remineralising product, and two other non-core assets which it declined to identify.

Bonlac holds an 11 percent stake in Australasian Food Holdings, a joint venture with Fonterra and West Australian group Peters & Browne.

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