NZ's Fonterra half-year profit jumps 43% on higher global dairy prices

Fonterra to sell China JV farms, Beingmate stake as profit jumps 43%
Reuters
16/03/2021
© Reuters/Nigel Marple
The Fonterra logo is seen near the Fonterra Te Rapa plant near Hamilton
(Reuters) - New Zealand's Fonterra said on Wednesday it will sell its joint venture farms in China and its remaining stake in infant formula maker Beingmate as it looks to move its focus from Beijing and prioritise domestic operations.
Fonterra also posted half-year results, with a 43% surge in adjusted profit due to robust demand from China and firmer global dairy prices.
The world's biggest dairy exporter has been shifting its focus back home since 2019, when it halted an ambitious overseas expansion plan that drew sharp criticism from the 10,000 plus farmers who make up its cooperative.

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