Fonterra full-year profit rises 65% as cost cuts, cheaper milk make up for lower sales

Wed, 21 Sep 2016

Sept. 22 (BusinessDesk) - Fonterra Cooperative Group, which has raised its forecast milk payout twice in as many months, posted a 65 percent gain in full-year profit as cost cutting and cheaper milk prices made up for a decline in sales. Profit rose to $834 million in the 12 months ended July 31, from $506 million a year earlier, the Auckland-based company said in a statement. Sales fell 9 percent to $17.2 billion while cost of goods sold, which is primarily made up of New Zealand sourced cost of milk, fell about 13 percent to $13.6 billion....

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