News: Fonterra whips up profits

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Fonterra Co-operative Group (ASX:FSF) has posted a net profit of $NZ 718 million, up close to 18 per cent on last year’s result.

 

The dairy products manufacturer saw a lift in earnings in what it describes as a testing year.

 

In the year to July 31, revenue from sales came in at $NZ18.6 million, a 5.7 per cent decline on year.

 

The group will pay a final dividend of 16 NZ cents, payable on October 18.

 

Fonterra's total dividend for the year was 32 NZ cents.

 

Fonterra chairman John Wilson says 2013 has been a year that tested the group's resilience, through events such as a severe drought and a precautionary product recall.