Fonterra annual profit falls 25%
Volatility in demand impacting margins
27 September 2024
1 minute read
By: New Zealand's Fonterra posted a 25% drop in its fiscal 2024 profit on Wednesday, hurt by poor earnings from its ingredients segment and volatility in demand from key importing regions, and said it expects lower earnings for fiscal 2025, reported Reuters.
The world's biggest dairy exporter reported a profit after tax of NZ$1.17 billion ($741.66 million) for the year ended July 31, compared with NZ$1.58 billion a year ago.
It expects earnings for fiscal 2025 between 40 and 60 New Zealand cents per share, compared with 70 NZ cents apiece reported in fiscal 2024.
($1 = 1.5775 New Zealand dollars)
