SYDNEY: New Zealand dairy group Fonterra reported an 11% fall in full-year profit after bad weather hampered milk production, but gave an upbeat outlook for the coming year.
The world’s largest exporter of dairy products reported net profit after tax of NZ$745mil (US$546mil) for the 12 months ended July 31, down from NZ$834mil a year ago. The result was slightly below expectations of about NZ$757mil, according to five analysts polled by Reuters.
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