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It seems other dairy processors in New Zealand and elsewhere are doing fine while Fonterra struggles to keep its head above water.
With the co-op’s financial woes well documented everywhere, reports of record results from others mean one thing: Fonterra’s strategy has been wrong all these years.
Look at Arla Foods, a European co-op nearly the same size as Fonterra. It’s total revenues for the six months ending June rose nearly NZ$9 billion -- NZ$25 million higher than the same period last year, backed by a 4.6% rise in branded product sales and higher sales prices. Net profit share for 2019 is expected to be in the target range of 2.8-3.2% of revenue.
And at home, Synlait reported an increase in profit to $82.2m, plus a total average milk price of $6.58/kgMS off revenue that exceeded $1 billion for the first time.
Fonterra released its interim results last month, showing a continuation of the strong earnings performance delivered by the co-op through the 2023 financial year. Here’s what Fonterra chair Peter McBride and chief executive Miles Hurrell said about the results…
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