Fonterra's milk money dips 11%

Sydney

NEW ZEALAND dairy group Fonterra reported an 11 per cent fall in full-year profit on Monday after bad weather hampered milk production, but gave an upbeat outlook for the coming year.

The world's largest exporter of dairy products reported net profit after tax of NZ$745 million (S$731.9 million) for the 12 months ended July 31, down from NZ$834 million a year ago. The result was slightly below expectations of about NZ$757 million, according to five analysts polled by Reuters. Full-year revenue rose to NZ$19.23 billion against NZ$17.20 billion a year ago.