Fonterra eyes Kiwi-made in Chile exit, Aussie IPO

Thu, 23 Sep 2021

Fonterra announced a solid full-year profit and said it's looking to sell its Chilean assets and might sell down its Australian business in an initial public offering as part of a wider reset. The world's biggest dairy exporter said net profit was $599 million for the 12 months ended July 31, down $60m on the prior year, which included some gains from asset sales.Normalised net profit was $588m, up $190m from the previous year. The cooperative’s normalised earnings before interest and tax were $952m, up $73m.“We&rs...

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