Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
Fonterra’s New Zealand collection for September was 179.1 million kgMS, down 0.1% on the same month last season. Season to date collection was 309.4m kgMS, up 0.8% on last season.
New Zealand milk production was down 0.7% on a litre basis but was up 0.7% on a milk solids basis in September compared to the same period last year. The variance between milk solids and liquid milk indicates improved pasture quality from last September, the update says.
“Despite several cold snaps in parts of the South Island, average temperatures were recorded across much of the country and on-farm pasture conditions remain good,” the update says.
Fonterra’s North Island milk collection in September was up 1.1% on last September and the season to date is up 1.7% on last season. Favourable conditions are expected to continue for the North Island.
The cooperative’s South Island milk collection in September was down 2.1% on last September and in the season to date collection was 98.5m kgMS, down 1.1% on last season.
