Fonterra boss pleased with profit but still has work to do

Sat, 19 Sep 2020

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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