Dairy Giant Fonterra's Quarterly Profit Rises on Stronger Global Commodity Prices
New Zealand's Fonterra Co-operative Group reported a 5.7% rise in first-quarter profit on Thursday, buoyed by firmer global commodity prices.
The dairy giant reported a profit after tax of NZ$278 million ($161 million) for the quarter ended October 31, higher than NZ$263 million in the same period last year.
Fonterra attributed the growth to higher global commodity prices and reiterated its focus on implementing its strategy to strengthen its key ingredients business and improve operational efficiency.
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