Fonterra makes best of a bad job

The PR spin has been pretty active signalling a much improved half yearly result which was duly delivered this morning. The company confirmed a 40 cent dividend for the full year with the interim dividend being paid next month as usual and the final dividend being paid in two tranches in May and August instead of October.

Fonterra’s disappointing performance

Fonterra’s interim result announcement contains confirmation of the farmgate milk price forecast of $4.70, but a reduction in the added value dividend.