New Zealand’s Fonterra Co-operative Group has announced a 65% increase in net profit after tax to NZ$834m ($604m) for the financial year ended July 31, 2016.
Fonterra Co-operative Group Limited has reduced its forecast Farmgate Milk Price for the 2015/16 season from $2.97 (NZ$4.60) per kgMS to $2.68 (NZ$4.15) per kgMS.
A report commissioned by Fonterra to investigate the fairness of the dairy giant’s milk pricing has faced criticism from its competitors, according to news reports.
