Silver Fern Farms has reported a loss of $14 million for the 13 months to September.
The result included $7.2 million of structuring costs.
Revenue for the meat processor and exporter fell 10% to $1.8 billion.
Silver Fern Farms says it suffered due to a high New Zealand currency and fewer lambs, which put pressure on margins.
The company is changing its financial year to the end of September to be in line with the rest of the industry.
It says the inclusion of two September months in the result magnifies the loss as activity is low, while fixed costs remain high.