Fonterra profit up

ANDREA FOX
Last updated 12:07 26/09/2012

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Dairy giant Fonterra has announced flat revenues of $19.7 billion for the 2012 record-breaking milk production year and a final payout of $6.40, down 19 per cent on last year's payout to its farmers.

Net profit after tax was $624.7 million, up 19.1 per cent on last year.

Milk flows for the year were up 11 per cent, nudging 1.5 billion kgs milksolids.

The farmer-owned cooperative also posted an 11 per cent increase in export volumes to 2.32 million tonnes.
Sales volumes increased just 2 per cent to nearly 4 million metric tonnes.

Cashflows were up $206 million at $1.4 billion.

The result includes a lower farmgate milk price of $6.08/kg milksolids, down from $7.60 last year, reflecting lower commodity prices and the strong Kiwi dollar.

Directors announced a dividend of 32c per share, with retained earnings of 10c per share.

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- The Southland Times

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