Fonterra reports massive jump in FY net profit

(Image: Getty)

Thu, 21 Sep 2023

Dairy co-operative Fonterra reported a massive jump in full-year net profit on the back of favourable margins.Net profit was $1.57 billion in the year to July 31, versus $583 million in the prior year. Reported earnings per share were 95 cents, up from 36 cents a year earlier.Excluding the net gain from divestments of $248m, normalised profit after tax was $1.3b, up $738m compared to the same time last year. Total group revenue from continuing operations was $24.5b, up from $21.9b a year earlier.“There were a number of key drivers th...

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