The writedown was a factor in Fonterra reporting its first ever loss $196m - for the July year. Fonterra has forecast a net profit of between CNY28m ($4m) and CNY78m for Beingmate Baby and Child in 2018, and is optimistic that the Chinese infant formula maker is now recovering. The company said it was "pleased to see our business continue its strong performance as we move into 2018". Fonterra holds an 18.8% stake in Beingmate, which has suffered two years of big losses following the shift in Chinese consumer buying towards online sales of infant formula and the expansion of daigou trading.
Fonterra has forecast a net profit of between CNY28m ($4m) and CNY78m for Beingmate Baby and Child in 2018, and is optimistic that the Chinese infant formula maker is now recovering. The company said it was "pleased to see our business continue its strong performance as we move into 2018". Fonterra holds an 18.8% stake in Beingmate, which has suffered two years of big losses following the shift in Chinese consumer buying towards online sales of infant formula and the expansion of daigou trading.