Meat processor and exporter Alliance Group has reported a loss of $50.8 million in the year to September due to sharp declines in sheep meat prices, the high New Zealand dollar and restructuring costs.
That compares with a $9 million loss in the previous year.
Alliance chief executive Grant Cuff says a slump in demand overseas led to the company reporting its first loss in operating earnings in 20 years.
"The rate of decline in market prices was significant. It was at a rate that even older people in our industry cannot remember."