The world’s biggest dairy supplier said net profit after tax fell 11 per cent to NZ$745m ($524.4m) in the twelve months to end of July, compared to the same period a year earlier. Revenue rose 12 per cent year on year to NZ$19.2bn
“Despite lower milk volumes due to poor weather in parts of the season, the business delivered a good result by prioritising higher value Advanced Ingredients and growing our sales of these indemand and specialised products by 473 million LME [liquid milk equivalent] this year,” Fonterra chairman John Wilson said.
Sales volumes rose 9 per cent year on year for advanced ingredients – products including functional proteins and extra-stretch cheese – accounting for 19 per cent of the company’s total external sales volumes.
Fonterra shares were up 0.7 per cent in New Zealand.
Source: The Financial Times
Link: https://www.ft.com/content/30ec36d6-273a-33f9-9ad9-632011cdaedf