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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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Fonterra raises lower end of profit view on strong demand for dairy products Reuters 24/02/2021 © Reuters/Nigel Marple FILE PHOTO: The Fonterra logo is seen near the Fonterra Te Rapa plant near Hamilton
(Reuters) - Dairy producer Fonterra on Thursday raised the lower end of its full-year profit outlook on strong demand for its products.
The company narrowed the expected range to between 25 and 35 New Zealand cents per share from 20 and 35 New Zealand cents per share.
The world s biggest dairy exporter expects higher profit in the first half of its fiscal year and warned of sales margin pressure due to rising dairy prices in the second-half.
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