The co-operative will pay a final cash payout of $4.65 for the 2015 season for a 100 per cent share-backed farmer, comprising a Farmgate Milk Price of $4.40 per kgMS and a dividend of 25 cents per share.
Fonterra chairman John Wilson said extremely challenging trading conditions globally had affected all parts of the Co-operative’s business.
The profit announcement comes after Fonterra revealed on Monday that 200 more jobs are being cut in its business review, bringing the number of employees facing the cut to 750.
Fonterra’s chief executive Theo Spierings said in a statement that a business review «looks at the entire business to identify potential areas where the co-operative can find more efficiencies and improve future performance».
Source: TVNZ