New Zealand Farming Systems Uruguay's books have fallen further into the red.
The listed company, which is now mostly owned by Singapore's Olam International, lost $US8.7 million in the year to the end of June, compared with $7.9 million a year earlier.
Revenue rose 91% to $43 million because of rising production and milk prices strengthening to 38 cents a litre.
But the jump in sales came at a cost, as expenses more than doubled to $47 million to feed its expanding herd and lift production rates, and to battle drought conditions across the country.
Looking ahead, Farming Systems expects to make a profit if it does not experience drought.