Fonterra drops dividend citing covid-19 risk

Wed, 18 Mar 2020

Fonterra Cooperative Group reported a strong first-half result but opted not to declare an interim dividend given the possible impact of the covid-19 pandemic on the rest of the year's earnings.The Auckland-based cooperative posted a normalised net profit after tax of $293 million in the six months to Jan. 31 versus $72 million in the prior year. Normalised earnings, which exclude one-off costs and minority interests, before interest and tax were $584 million versus $312 million in the prior year.Despite the strong performance so far this year,...

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