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Fonterra expects record year

This article was originally published in Foodnews

FONTERRA has repeated that its 10 500 dairy farmer shareholders can expect one of their best years ever, as global demand for dairy products remains strong. The co-operative is sticking to an NZD7.90-8.00 (USD5.94-5.91) per kg of milk solids payout before retentions forecast announced in February, which if realised, will be a record. Fonterra's interim results show net profit after tax, for the six months to 31 January 2011, was NZD293 million or NZD0.21 per share. Fonterra Chairman Sir Henry van der Heyden said: "We are benefiting from a combination of demand growth from China and other Asian markets, and tighter international supply due to adverse weather conditions in many parts of the world."

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