Fonterra’s revenue from continuing operations soared 14 per cent to NZ$12.59 billion (A$11.51 million) in the first half.
Ingredients revenue increased 12 per cent to $5.18 billion while consumer and foodservice revenue climbed 6 per cent to $3.65 billion.
Net profit from continuing operations grew 1 per cent to $721 million while net profit rose 8 per cent to $729 million.
“We have commenced projects to unlock manufacturing production capacity for our ingredients and foodservice channels, with site works now underway at Studholme for high-value protein capacity and at Edendale for a new UHT cream plant,” said Miles Hurrell, Fonterra CEO.
“We’re also continuing to invest to future proof our operations and supply chain network, with work underway on a new Whareroa coolstore and plans for decarbonisation projects at Clandeboye, Edendale, Edgecumbe and Whareroa to secure energy supply and reduce the co-op’s emissions.”
Earlier, Fonterra appointed new leaders for its ingredients and foodservice business.
It also raised its earnings estimates to 55 cents to 75 cents per share, up from the previous forecast of 40 cents to 60 cents per share.
