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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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 Jan 31 was NZ$409 million (S$374.8 million), up from NZ$183 million in the previous year. The amount of milk processed rose 8 per cent to 12.6 billion litres and earnings before interest and tax increased 77 per cent to NZ$665 million.
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