The meat company, which had previously announced an operating surplus before pool distributions, non-recurring expenses and tax of $20.7 million for the year to September 30 on turnover of $1.5 billion, released its annual report this week.
It showed a net loss after tax and non-recurring expenses of $9 million, compared with a $6.3 million profit the previous year.
Non-recurring expenses totalling $19.4 million related to the closure of the Sockburn plant at the end of the 2012 processing season.
The operating result for the year was "satisfactory in the circumstances", chairman Owen Poole and chief executive Grant Cuff said in a review of the year.
Pool surplus distributions to shareholders totalling $10.8 million will be made this month while no dividend will be paid.
World livestock numbers for both sheep and cattle through to 2020 were forecast to now remain reasonably stable. Demand for protein was forecast to increase by about 14%.
Trade continued to move from west to east with the Asian market, China in particular, growing significantly in both volume and value over the past five years.
The resulting diversified market mix was reducing New Zealand's dependence on traditional markets, they said.
Long-serving director Owen Buckingham, from Te Anau, will retire from the board at the annual meeting of shareholders in Invercargill on December 16.
He would be remembered for his common sense, tenacity and courage, together with a "total commitment" to farmer ownership.
A recommendation to increase total directors' fees by $85,000 to $535,000 a year will be considered at the meeting.
