New Zealand dairy giant Fonterra has reported 2003/4milk volumes up 4.6% on the previous season to 14bn litres.

Healthy grass growth during the autumn and a spring peak volume of 70 million litres a day had bolstered robust flows over the June-May season, the company reported. "Overall, we collected more milk, sold more milk products, and generated more revenue than we have ever done previously, chief operating officer Jay Waldvogel said in a statement.

Fonterra Ingredients sold a record 2.44 million tonnes of product in 2003/4, outstripping the previous record of 2.39 million, recorded in the 2002/3 season.