Fonterra first-half profit dropped 22%

Wed, 17 Mar 2021

Dairy cooperative Fonterra has reported a 22% drop in its first-half net profit to $391 million.It reported group earnings before interest and tax of $657m, down 18% on the same period in 2021, and “normalised” net profit of $418m. The normalised result excluded a $50m loss on the disposal and downward revaluation of its Beingmate holding and a $23m impairment reversal for China Farms.The dairy company will pay an interim dividend of 5 cents per share.Fonterra chief executive Miles Hurrell said while the result was down on this time...

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