Fonterra is lowering its 2013 earnings before interests and taxes (EBIT), blaming the drought and its struggling Australian business.

Fonterra has announced a half-year net profit of $459 million, a 33% increase over the previous year.

FONTERRA CHIEF executive Theo Spierings is expected to announce this week that the co-op’s annual revenues have for the first time exceeded $20 billion. The achievement caps Spierings first year at the helm of the co-op. 

Fonterra has announced a final payout of $6.40/kgMS for the 2011-12 season, a drop of 19% over the previous year.

FONTERRA CHIEF executive Theo Spierings has slammed a New Zealand Herald opinion piece by Federated Farmers Dairy chair Willy Leferink on TAF (trading among farmers) and Fonterra’s future.

Some Southland farmers will be “condemned to poverty” because of dairy conversions now requiring resource consent, says Southland’s Federated Farmers vice-president Russell McPherson.

Fonterra yesterday unveiled the next step in its strategy to build a high-quality, sustainable fresh local milk supply in China, announcing plans to invest $100 million to develop two new large-scale dairy farms in Hebei province.

CHANGING NEW Zealanders' perception of Fonterra is a key strategy of chief executive Theo Spierings.

Northland community leaders gathered at Manaia View School in Whangarei yesterday to celebrate the first day of the Fonterra Milk for Schools programme.

Fonterra is reducing its 2011-12 forecast payout by 15c/kgMS as a result of declining commodity prices and a soaring Kiwi dollar.