Dairy mob eyes offers

STRUGGLING dairy processor Murray Goulburn says it has fielded a number of takeover proposals as it attempts to arrest a slide in revenue and milk supplies.

Murray Goulburn yesterday said it had suffered a $370.8 million loss for the year to June, wiping out the $39.8 million net profit from a year earlier.

The result was hit by $405 million in writedowns, including the impact of forgiving debts owed by farmers under its controversial loan package – an initiative Murray Goulburn admits has hurt its standing among suppliers – and costs associated with the closure of three factories.

The company’s full-year underlying net profit after tax, which strips out one-off items, was $34.7 million compared with $40.6 million a year ago.