Fonterra is in a temporary trading halt while it tries to figure out if its forecast earnings for the financial year just ended are off kilter.
In a statement released to the New Zealand Stock Exchange today, Fonterra said it would tell the market if its earnings were varied by close of business on Friday.
The co-operative has asked the stock exchange to halt trading in its financial units as it finalised its earnings ahead of its financial results report which is due at the end of next month.
Trading halts are usually sought when a company has a significant change to its forecasts or a large commercial deal to disclose.
"There may be a variation from the earnings guidance previously given to the market. Fonterra is working to determine whether this is the case and expects to be in a position to notify the market by the close of business on 10 August," it said in a statement.
Fonterra reported a $348 million loss for the first half of the financial year in March, which was because of a $160m payout to French food company Danone and a write down of $405m of its investment in underperforming Chinese dairy company Beingmate.
It did not give a precise full year forecast but said it expected its normalised earnings would be in line with the year earlier, which was $1.16 billion.
However, in an update in May, it warned its debt levels were high and it reduced its forecast of earnings per share and dividends, while raising its forecast milk payout.
"We can see our sales margins are not where they need to be at this point in the year to achieve our original earnings forecast," Fonterra chief executive Theo Spierings said.
Mr Spierings has resigned and is due to leave later this year.
Fonterra's chairman John Wilson stepped down last month for health reasons and will leave the board in November.