Alliance Group has plunged deeper into the red, but is forecast to be profitable in the year ahead.
The farmer-owned processor reported an after-tax loss of $95.8 million for the year ending September 30, compared to a loss of $70m in the year prior.
Turnover slipped to $1.8 billion, down from $2b in 2023.
Chair Mark Wynne said it was a disappointing financial result for the co-op and reflected the tough global trading conditions especially for lamb, which accounted for a high proportion of its portfolio.