Synlait Milk has reported a $28.5 million loss for the July year, driven by a sharp drop in infant formula sales.
The dairy processor expects to return to profitability in the current financial year.
The net loss - the higher end of the company's published guidance - compares with a net profit of $75.2m in the previous year.
Synlait also said it had appointed Grant Watson, the current chief executive of Taupo-based Miraka, as its chief executive to replace John Penno, who has been filling in since the departure of Leon Clement earlier this year.
Watson, a former Fonterra executive, will join Synlait in January.
Synlait had earlier advised that it expected a $20m to $30m loss for the July year.
Synlait said its revenue rose by 5 per cent to $1.36 billion while its EBITDA fell 78 per cent to $37.3m.
The company said its nutritional - infant formula - sales were down 35 per cent to 34,362 tonnes while ingredient sales were up 29 per cent to 125,914 tonnes.
Its newly acquired Dairyworks' revenue was $229m.
The 2022 year will also include a one-off gain on sale of about $17m from the sale and leaseback of the land and building at Synlait Auckland.
"Synlait's performance will build into 2023 as its new multinational customer at Synlait Pokeno ramps up, and its Liquids and Consumer Foods businesses continue to grow," the company said.
Synlait Milk was affected when its main customer, a2 Milk, struck a severely curtailed daigou trading channel from Australia to China during the year as a result of Covid-19 lockdowns.
There have been resignations at the top, a refinancing and a $200m recapitalisation, and four earnings downgrades, following on the heels of some big acquisitions and the building of a new plant at Pokeno.
"Today's financial result illustrates that the last financial year has been very challenging for Synlait," Penno said.
"We have always had the enormous advantage of starting fresh some 13 years ago as a small part of a large, successful, and well-established global industry," he said.
"Today marks the start of a new chapter as we set out a clear plan to return to robust profitability," he said.
Chair Graeme Milne said Watson had a track record of materially transforming and accelerating businesses.
Watson will be joined by Robert Stowell, who has been appointed chief financial officer after acting in the role for the last five months.
Synlait's performance will build into 2023 as its new multinational customer at Synlait Pokeno ramps up, and its Liquids and Consumer Foods businesses continue to grow.
Planned reductions in inventory at Synlait and Dairyworks will generate operating cashflows in excess of earnings.
"These strong cashflows will enable Synlait to complete its capital expenditure programme and reduce debt to comfortable levels over the next two years," the company said.
"By the end of 2023, the recovery plan will have seen Synlait return to similar levels of profitability, operating cash flows, and debt ratios as the years leading into 2021," it said.