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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