Fonterra normalised earnings meet guidance; drought hurts NZ, ANZ profit falls

Tue, 24 Sep 2013

By Jonathan Underhill Sept. 25 (BusinessDesk) – Fonterra Cooperative Group posted full-year earnings that met its guidance as drought in the second half eroded returns from New Zealand Milk and rivalry eroded Australian margins, while sales grew in the rest of the world. Normalised earnings before interest and tax fell 3 percent to $1 billion, the Auckland-based company said in a statement. That meets the guidance it gave on July 25, when it warned that earnings would miss $1.079 billion forecast in its Shareholders’ Fund Prospectus last yea...

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