Fonterra boss pleased with profit but still has work to do

Fonterra boss pleased with profit but still has work to do
Rebecca Howard
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...

More Primary Sector

Zespri on track for 'moderate increase' in volume next year
Primary Sector

Zespri on track for 'moderate increase' in volume next year

Zespri's producer vote to expand global supply passed this week.

Riley Kennedy 12 Dec 2024
Yashili NZ revenue dropped 42%
Primary Sector

Yashili NZ revenue dropped 42%

The Chinese-owned dairy processor’s accounts were due in May.

Riley Kennedy 12 Dec 2024
Zespri growers vote in favour of expanding global supply
Primary Sector

Zespri growers vote in favour of expanding global supply

Zespri’s growers have voted to support the expansion of the kiwifruit marketer’s global supply.A total of 90.6% of voting growers and 93.3% by fruit weight voted in favour of the resolution, which will allocate up to 420 hectares of SunGold fruit per year over six years in Italy,...

Riley Kennedy 11 Dec 2024