Murray Goulburn received almost 22 per cent less milk and dropped its revenue by just over 10 per cent in the 2017 financial compared to the previous year.
The company posted a net loss after tax of $370.8 million after milk supply support package de-recognition, footprint rationalisation and other costs, chief executive Ari Mervis said.
“[Murray Goulburn] has experienced a difficult year as a result of the significant reduction in milk intake and adverse seasonal conditions,” Mr Mervis said.
The processor expects milk intake for the 2018 financial year to be around two billion litres.
Murray Goulburn confirmed the opening farmgate milk price for this year at $5.20 per kilogram of milk solids.
“The coming months will be pivotal for the future of the business,” he said.