date:Sep 27, 2012
Fonterra has reported a drop in net profit for the 2012 season and cut its final payout to farmers - citing the negative effect of record breaking milk production on global dairy prices.
The New Zealand-based dairy co-operative, which is the worlds largest dairy processor and exporter, reported net profit for the year ended 31 July 2012 of NZ$624m ($512.5m, 398m) down 19% on the 2011 season.
It recorded revenue for the period of NZ$19.8bn ($16.25bn, 12.6bn) compared with $19.9bn posted last