Fatter margins increase Fonterra's profit by 23%

(Image: NZME)

Thu, 21 Mar 2024

Fonterra Co-operative Group’s profit increased by 23% in the first half of the financial year due to higher margins in its food service and consumer business.Net profit was $674 million in the six months, with continuing operations earnings before interest and tax (Ebit) increasing 14% to $986m.Total revenue, however, fell 15% to $11.2 billion based on product prices in the ingredients channel.Sales volumes were up 1.3% to 1.7m metric tonnes, with gross margins increasing from 16.6% to 18.4%. The co-op maintained its forecast op...

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