Dairy giant Fonterra says
its net profit after tax came to $506 million in the year to
July 31, up 183% from the previous year's profit, and has
raised its forecast payout for the current season.
Applications have opened for cash strapped Fonterra
shareholders to apply for an interest free loan to help deal
with the tough financial climate.
Otago dairy farmer Greg Kirkwood has been elected deputy
chairman of the Fonterra Shareholders Council.
For a long time, dairy co-operative Fonterra was regarded as
the shining light of the New Zealand economy.
Fonterra has cut its forecast farmgate milk price for the
current season to $4.50 a kg of milk solids from $4.70
because of volatility in world markets caused by oversupply,
with much of it coming from New Zealand.
Fonterra says it has cut its milk volume forecast for the
2014-15 season to 1,532 million kg of milksolids, reflecting
the impact of dry weather on production in recent weeks.
Fonterra's New Zealand collection is 4% higher for the season
to date but the dairy co-operative issued a warning about the
effect dry conditions were having on the east coast of the
Fonterra says it has cut its farmgate milk price forecast for
2014/15 to $4.70 per kg of milk solids, down from previous
forecast of $5.30 a kg.
Independent Mid Canterbury dairy company Synlait increased
lifted its profit 70% to almost $20 million for the full
year, meeting its downgraded profit forecast made in May.
Fonterra has retained its fourth placing in Rabobank's latest
survey of the world's top 20 dairy companies.
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