Fonterra Third Quarter Earnings Rise To $815m

May 21, 2020
174 Views

Fonterra has announced an increase in third quarter earnings before tax of $301 million to $815m, despite the challenges from Covid-19.

However the dairy cooperative has lowered its forecast payout to farmers for the season.

Chief executive Miles Hurrell said all three business units have delivered a good performance for the year to date, despite the negative impact of the coronavirus pandemic on its food service business.

Earnings for that sector rose by 9 percent on this time last year to $615m.

The ingredient business was up 54 percent and the consumer business benefited from a spike in sales as people stockpiled food.

The dairy cooperative is forecasting a payout for the season about to end of $7.10 to 7.30 per kilo of milk solids, down from an earlier forecast of $7 to $7.60.

The final number will be unveiled later this year.

Next year’s outlook is worse for farmers, with the forecast at $5.40 to $6.90 per kilo of milk solids.

Source: rnz.co.nz Republished by arrangement.

New School Taking Shape On Old Waikiwi Primary Site
Community, News
1521 views
Community, News
1521 views

New School Taking Shape On Old Waikiwi Primary Site

Aimee Wilson - May 26, 2020

New life is being breathed into the old Waikiwi Primary School site more than 16 years after it closed. Construction…

Sport Southland Announce New Board Chair
News, Sports
251 views
News, Sports
251 views

Sport Southland Announce New Board Chair

Southland Sports News - May 26, 2020

Invercargill business advisor and project manager Bevan Ellis has been appointed to chair an expanded Sport Southland Board. Ellis, who…

No New Covid Cases In NZ, Day 38 No New Cases
Covid-19, News
352 views
Covid-19, News
352 views

No New Covid Cases In NZ, Day 38 No New Cases

News Desk - May 26, 2020

There has now only been three new cases in the past 14 days. Director-General of Health Dr Ashley Bloomfield said…

Will Home Improvements Be Safe Under New Exemptions?
News, Property
553 views
News, Property
553 views

Will Home Improvements Be Safe Under New Exemptions?

Aimee Wilson - May 26, 2020

Get your hammers out and get building - home improvements no longer need a consent as the Minister for Building…

The Week in Review
News, Politics
375 views
News, Politics
375 views

The Week in Review

Aimee Wilson - May 26, 2020

Well the National Party definitely stole the limelight this week - with the ousting of Simon Bridges, a new party…