Fonterra announces $834m net profit, a jump of 65 per cent

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Source:

One News

New Zealand dairy giant Fonterra has announced a 65 per cent increase in net profit after tax to $834 million.

The profit is for the financial year ended 31 July 2016.

There is some relief in store for cash-strapped farmers following Fonterra's half-year results.

Source: Breakfast

Fonterra Chairman John Wilson said that the 2015/16 season had been incredibly difficult for farmers, their families and rural communities, with global dairy prices at unsustainable levels.

"Our Co-operative has responded.

"We continued with the significant and necessary changes we began in the business over three years ago to support our strategy and its priorities, and worked hard to return every possible cent of value back to our farmers."

The Co-operative is paying a Cash Payout of $4.30 for the 2016 season for a 100 per cent share-backed farmer, comprising a Farmgate Milk Price of $3.90 per kgMS and a dividend of 40 cents per share, on a total available for payout of $4.41.

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