Dairy farmers supplying dairy company Fonterra in Australia have today received a pay rise, coinciding with the company's announcement of its interim financial results.A key Australian dairy processor is going to increase the price it pays to Australian suppliersFonterra says a sharp rise in commodity prices allowed the step-up
Suppliers will receive an extra 13 cents per kilogram of milk solids for the 2020/21 year, taking the company's average farmgate milk price to $6.53c/kgMS. The company has also released its interim financial results today, showing a 17 per cent increase in normalised earnings before interest and tax of NZ$684 million .
Fonterra Australia managing director René Dedoncker said the results included a half-year profit of $32 million generated in Australia."Our debt is down, we're back to paying an interim dividend, it's all healthy so the business is very sound," Mr Dedoncker said. "That means it's a very solid performance, it means our business is clearly making the right choices and it's very stable and enables us to pay a competitive milk price.""We've demonstrated that we've got momentum and the choices that we are making are working and it means we can honour a competitive milk price," Mr Dedoncker said.
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Umm. Does this mean the farmers no longer need our 20c a litre anymore? Asking for a mate 🤨🤨