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Fonterra upbeat about profit

Fonterra has released an upbeat forecast for its full-year profit. The country’s largest milk processor expects earnings in the year ended July 31 will be ‘‘towards the top end’’ of its previously published guidance of 25-35 cents per share, it said in a statement to the NZX yesterday. It will release its full-year results on September 22. ‘‘Whilewe are still in the process of finalising and auditing our FY22 numbers, we nowhave enough certainty overall to provide an update ahead of our annual results announcement in September,’’ said chief executive Miles Hurrell. ‘‘Our co-op has made good progress against our strategy over the past 12months ... Looking ahead, we see a positive outlook for dairy. We continue to see favourable supply and demand dynamics, and remain well-positioned to keep delivering against our strategy.’’ Milk supply around the world has been constrained as high feed, fertiliser and energy costs impact production volumes.

Business

en-nz

2022-08-13T07:00:00.0000000Z

2022-08-13T07:00:00.0000000Z

https://fairfaxmedia.pressreader.com/article/281715503395461

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