Silver Fern Farms says it's not proud of its 24.4-million dollar full-year loss

It's blaming the result on low demand, and increased supply from Australia and South America.

It won't be paying a dividend.

Chairman, Rob Hewett, says everyone's been working a lot harder in the past 18 months -- for much less money.

He says when it's tough when the international markets turn against you, and although they're trying to differentiate their businesses from commodity -- a lot still remain in it.

Synlait Milk's also reporting a 96.2 million dollar loss for the six months to January.