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Fonterra profit soars as global milk price slumps

The low prices mean it pays less for milk, but hits the bottom line of its shareholder farmers

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Fonterra dominates the dairy business in New Zealand where the sector accounts for about one-fifth of total exports and is considered crucial to the national economy.

Wellington

NEW Zealand's Fonterra - the world's largest dairy cooperative - announced a 123 per cent rise in interim profit on Wednesday, but warned its farmers faced "unprecedented pressure" amid a slump in global milk prices.

Fonterra said that net profit for the six months to

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