UK farmer co-op posts loss as dairy crisis deepens

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LONDON (Reuters) – The country’s largest dairy farmer co-operative reported a loss for the 2008/09 financial year on Friday and said it had dipped into reserves to shelter members from a market downturn.

First Milk, based in Paisley, Scotland, reported an after-tax loss of 7.1 million pounds for the year ended March 31, with group turnover declining by three percent to 582 million pounds.

The company cited a decrease in returns for milk powder, cheese and whey in the second half of the year. read more of the article here