Friday, 23 August 2013 15:39

New GDT sales record

Written by Sudesh Kissun

font size decrease font size increase font size
Print
Email

At last, some positive news from Fonterra.

The co-op today confirmed that it has achieved record sales and revenues from its two August GlobalDairyTrade (GDT) auctions.

Fonterra achieved its highest-ever monthly revenue through GDT in August, selling 109,664 metric tonnes, worth $685 million.

Chief executive, Theo Spierings,says the past two GDT events show continued confidence in its products and strong demand from many of the key markets.

"Our August GDT sales volume was up 27% on the same time last year, and revenue more than doubled, up 107%."

The co-op is facing a government inquiry over its handling of the recent botulism scare involving whey protein concentrate (WPC80). It is also facing trade bans in several key markets around the world, including China.

Commenting on Fonterra's current forecast for a 15% decline in its product volumes on GDT over the next 12 months, Spierings says that this reflects Fonterra's strategy of moving from being commodities-driven to a more value-added, higher-margin products business.

More like this

A great outcome - Hurrell

Fonterra chief executive Miles Hurrell says the sale of the co-op’s consumer and associated businesses to Lactalis represents a great outcome for the co-op.

Lactalis to buy Fonterra's consumer business for $3.8b

The world’s largest milk company Lactalis has won the bid for Fonterra’s global consumer and associated businesses.

Fonterra lifts milk price forecast to $10.15/kgMS

Fonterra has increased its 2024/25 forecast Farmgate Milk Price from $10/kgMS to $10.15/kgMS.

Cynical politics

OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.

Why is butter so expensive in New Zealand? Fonterra explains

Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.

Featured

A great outcome - Hurrell

Fonterra chief executive Miles Hurrell says the sale of the co-op’s consumer and associated businesses to Lactalis represents a great outcome for the co-op.

Lactalis to buy Fonterra's consumer business for $3.8b

The world’s largest milk company Lactalis has won the bid for Fonterra’s global consumer and associated businesses.

Fonterra lifts milk price forecast to $10.15/kgMS

Fonterra has increased its 2024/25 forecast Farmgate Milk Price from $10/kgMS to $10.15/kgMS.

Choosing farming over the classroom pays off

It took a stint at university to remind Otago dairy farmer Megan Morrison that being stuck in a classroom was not for her.

Feds throw support behind Climate Change Response Amendment Bill

Farmer lobby group Federated Farmers has announced it is supporting a new Member’s Bill which it says could bring clarity to New Zealand farmers and save millions in legal costs.