New Zealand dairy firm Fonterra has posted NZ$6.5bn (US$4.5bn) in operating revenue in the six months to 30 November 2006, which was $519m more than the same period last season.
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Fonterra chairman Henry van der Heyden welcomed a “strong” first half performance but said the good result would do little more than provide a buffer against full-year currency impacts.
“After six months of solid effort and increasing revenue, we are still holding to our $4.05 kg/MS forecast, given we have seen the currency in the 68 to 70 cent (US$) range in the New Year. It is very frustrating to see improved performance eroded by an over-valued currency instead of going into farmers’ pockets.”
Fonterra saw sales volumes 228,000 MT ahead of the first half of last season, with 859,000 MT of New Zealand-sourced product sold along with 290,000 MT of product from other origins.
The higher volumes offset the lower prices in the first half of the season which were driven by market expectations at that time of strong US production and exports, the company said.
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