Fonterra says advance payment support for farmers 'right thing to do' despite interest costs

Thu, 24 Sep 2015

By Fiona Rotherham Sept. 24 (BusinessDesk) - Fonterra Cooperative Group chairman John Wilson said supporting the cash flows of farmer suppliers hard-hit by slumping global dairy prices was "the right thing to do" even though it was one of the factors which added 6 cents a share in interest costs in the 2015 financial year. The cooperative’s cash interest costs on funding rose $95 million to $427 million in the year ended July 31, reflecting advance payments to farmers, funding for the $755 million purchase of 18.8 percent of Shenzen-list...

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