Fonterra has forecast a net profit of between CNY28m ( $4m ) and CNY78m for NZD755 and Child in 2018 , and is optimistic that the Chinese infant formula maker is now recovering. The turn of events is quite dramatic for Beingmate which reported its first ever loss of NZD196m ( between CNY28m ) for the year ending July because of a Chinese m writedown on its initial NZD755 m stake in Beingmate . 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 turn of events is quite dramatic for Fonterra which reported its first ever loss of NZD196m ($133m) for the year ending July because of a NZD405m writedown on its initial NZD755m stake in Beingmate. 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.