Fonterra's annual profit dips, no longer selling stake in Australia

The dairy gaint retained FY23 guidance. (Image: Getty)

Thu, 22 Sep 2022

Dairy co-operative Fonterra reported a slightly lower annual profit and said it now believes it's in the co-op’s best interest to keep full ownership of its Australian business.Net profit including non-controlling interests was $583 million in the 12 months to July 31, down 3% on the year. Normalised profit, which strips out one-off items such as gains and losses on asset sales, edged up 1% to $591m.Total group revenue was $23.4 billion, up 11% while normalised group earnings before interest and tax were $991m, up 4%.The dairy giant&r...

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