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Fonterra Shareholders’ Fund Limited (ASX:FSF, NZE:FSF) has seen its interim profit and sales fall and described its result as below its farmers' expectations.
The New Zealand-based dairy co-operative’s net profit dropped 16 per cent to about $AUD178 million in the first half of the 2015 financial year.
Chairman John Wilson says the results are a snapshot of tough conditions in the dairy industry with variable production, demand and pricing.
Fonterra has also confirmed its forecast farmgate milk price and downwardly revised its forecast annual dividend range.
An interim dividend of 10 cents per share has been declared.
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