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Better Up Than Down

21 July 2004

Better Up Than Down

The slight increase in Fonterra Co-operative Group's 2003/4 payout will please dairy farmers expecting a lower payout next year, said Kevin Wooding, Chairman of Dairy Farmers of New Zealand (DFNZ).

"The two cent increase to $4.25 a kilogram of milk solids is good news for the vast majority of dairy farmers and highlights a solid performance from Fonterra in the just completed season," said Mr Wooding.

DFNZ is the dairy industry group of Federated Farmers of New Zealand (Inc).

Dairying has been under pressure from the high New Zealand dollar eroding returns of good international prices for dairy products -- putting pressure on Fonterra to perform better.

"The renewed strength in the kiwi dollar and big increases in significant on-farm costs -- such as local government rates and fuel -- have been hurting dairy farm profits, so Fonterra must continue to be successful in cutting costs and finding new markets to maximise future payouts," Mr Wooding said.

"Fonterra's board and staff should be congratulated for the confirmed payout, but must understand they have to maintain that positive momentum going forward," Mr Wooding said.

ENDS


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