A newsletter from Fonterra chair John Wilson has good news in the announcement of the company’s interim results.
The good start to the season has helped offset tough conditions because of the drought.
The forecast Farmgate Milk Price is up 30 cents to $5.80 per kgMS and the interim dividend is up 4 cents to 16 cents.
- The key results from the business up to 31 January are:
- 33 per cent increase in Net Profit After Tax of $459 million
- Record milk volumes collected up 6 per cent
- Total external sales volume growth of 8 per cent to 2.1 million metric tonnes
- Earnings per share of 29 cents per share.
- The results have been driven by:
- A strong performance by NZ Milk Products and a lift in sales volumes in Fonterra’s Asian and Latin American brands.
- However, to some degree these have been offset by tough market conditions in Australia.
This is good news for farmers and the wider economy.