In a big turnaround from last year's loss of $605 million Fonterra has announced a full year profit of $659 million. Fonterra CEO Miles Hurrell says 2019/20 was a good year for the Co-op, with profit up, debt down, and a strong milk price.
The dairy cooperative has confirmed the final milk payout to farmers for the season just ended at 7 dollars 14 a kilo of milk solids, in line with its forecast, with a further dividend of 5 cents a share.
The profit excluding the gains from asset sales and other one-off costs is $382 million. Julia Jones NZX's head of analytics and Massey University Professor of Agri-Business Hamish Gow discuss with Kathryn Ryan.