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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

Published Wed, Mar 23, 2016 · 09:50 PM
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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…

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