Fonterra first half profit falls 7% on frothy milk prices

This season's forecast payout remains just below $10 per kilo of milk solids (Image: Getty)

Thu, 17 Mar 2022

Dairy co-operative Fonterra reported a 7% drop in its first-half net profit but retained its full-year guidance despite the record milk price that farmers are pocketing.Net profit was $364 million in the six months to Jan 31, and on a normalised earnings per share basis it was down a steeper 12% at 22 cents, reflecting the higher cost of milk as an input to the cooperative's products.Group earnings before interest and tax were $607m, down 11% on the same period a year earlier, despite a 9% increase in revenue to $10.8 billion as the coopera...

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