Saturday, 16 Oct 2021

Fonterra first half operating earnings up 17 pct, sets 5c dividend

Fonterra said a “standout performance” from its Greater China business helped drive its normalised operating profit for the six months to January up by 17 per cent to $684m.

The co-op also said it would pay a 5c interim dividend after opting not to pay one in the previous corresponding interim period.

Fonterra’s “reported” net profit came to $391m, down 22 per cent.

After being “normalised” the figure came in at $418m.

Net debt came to $5.6 billion, down 3 per cent.

Fonterra kept to its full-year forecast normalised earnings forecast of 25-35 cents per share.

It also left unchanged its farmgate milk price forecast for the current year of $7.30 to $7.90 per kg of milksolids, with a $7.60/kg mid point.

– MORE TO COME

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