Fonterra Fund slides 3.7 percent as dairy exporter’s 2013 earnings lag forecasts

Thu, 25 Jul 2013

By Tina Morrison July 25 (BusinessDesk) – Fonterra Cooperative Group, the world’s largest exporter of dairy products, said this year’s earnings will miss forecast by about 7.3 percent, spurring a sell-off in the company’s listed fund. Units in the Fonterra Shareholders’ Fund are the second-worst performer on New Zealand’s benchmark index today, dropping 3.7 percent to $7.20, crimping their gain so far this year to 6.3 percent. Fonterra’s earnings before interest, tax and one-time items would be about $1 billion in the year ending July 31,...

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