New Zealand Farming Systems Uruguay has reported a narrower loss.
The farm developer, which is 85% owned by Olam International of Singapore, lost $US76 million in the year to June, a decrease of 13% compared with the previous year.
Revenue rose by half to $US43 million due to milk production increasing by half to 152 million litres.
But the pace of expected growth was curbed by dry weather conditions and higher feed costs, which resulted in gross earnings losses of $US5.9 million.
In February, the company said it expected gross earnings to break even.
NZFS is due to repay a loan of $US110 million by the end of the year, and a pro rata right issue of up to $US135 million from shareholders is being considered.