Fonterra posts loss on China write-down, CEO to go

WELLINGTON - New Zealand dairy giant Fonterra slumped to a first-half loss on Wednesday after massive write-downs on its China business, and announced longtime chief executive Theo Spierings' departure.

Fonterra posted a net loss of NZ$348 million ($250 million) for the six months to Jan 31, down from a NZ$418 million profit in the same period a year earlier.

It blamed the downturn on a NZ$405 million write-down in the value of its stake in Chinese baby food firm Beingmate and costs arising from a 2013 contamination scare.