Fonterra cuts forecast 2013 payment to farmers by 30 cents, citing strong kiwi

Tue, 28 Aug 2012

By Jonathan Underhill Aug. 28 (BusinessDesk) - Fonterra Cooperative Group, the world’s largest dairy products exporter, cut its forecast 2013 payment to farmers by 30 cents citing the continued impact of a high New Zealand dollar and commodity prices that are lower than they were a year ago. The Auckland-based company lowered its forecast for the Farmgate Milk price component to $5.25 per kilogram of milksolids from $5.50/kgms and reduced its forecast for the net profit component to a range of 40-to-50 cents, from 45-to-55 cents per share. T...

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