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Fonterra Payout Devastating for Sharemilkers
14 February 2003 PR14/2003
Fonterra Payout
Devastating for Sharemilkers
Fonterra's $3.60 payout represents a 30% drop in profitability for sharemilkers at a time when many have made commitments based on misleading predictions.
Sharemilkers have already paid out the majority of their annual expenses so there is little scope for tightening their belts, says Sharemilkers Section of Federated Farmers of New Zealand (Inc) Chair Jeff Bolstad.
The Sharemilkers Section of Federated Farmers of New Zealand (Inc) meeting today in Wellington endorsed calls for Fonterra to stick to their core business of positively driving returns for suppliers.
"Sharemilkers are the grassroots of the dairy industry. Fonterra needs to deliver the benefits of restructuring or risks the future viability of one of the most progressive and dynamic parts of the dairy industry.
'The massive flow on effects of this reduction in payout will resound throughout the rural community."
ENDS
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