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Primary Sector

Fonterra boss pleased with profit but still has work to do

Rebecca Howard
Sat, 19 Sep 2020

Rebecca Howard
Sat, 19 Sep 2020
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Fonterra is well on track to revamping the cooperative, boosting earnings and slashing debt, but chief executive Miles Hurrell says the job isn’t done.The dairy giant knocked $1.1 billion off its debt, bringing it down to $4.7 billion, or 3.4 times earnings before interest, tax, depreciation and amoritisation. That was ahead of the targeted 3.75 times.A year ago, the cooperative unveiled a strategy to re-set direction and turn the focus back on New Zealand milk. Repaying debt was a lynchpin to that strategy.The goal, said Hurrel...

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