Strong half year result a well-needed boost for Farmers
Strong half year result a well-needed boost for Farmers: Brown
A strong half year result which culminated in an increase in the Milk Price, a raise in the advance rate paid to Farmers and an interim dividend of 16cents has provided some much needed relief for Fonterra Farmers said Fonterra Shareholders’ Council Chairman, Ian Brown.
Mr Brown: “The Council has made the Board very aware of the hardships being faced by a lot Farmers in the Shareholder base and we are pleased they have demonstrated some flexibility in the form of an increased advance rate, to help relieve some of the financial pressure on-farm.
“It’s been a strong half year performance and we understand the challenges ahead.
“Particular acknowledgement should be made of the New Zealand Milk Products team who have delivered a really impressive result exactly when it was required.”
Mr Brown said that while the drought, which has affected the majority of Farmers, has taken a lot of the focus recently it was important to sit back and feel very positive about the results that have been delivered by Fonterra.
“Commodity prices have been low but it is really encouraging to see the Milk Price improving and this should help Farmers going forward.”
ABOUT THE FONTERRA SHAREHOLDERS’ COUNCIL
The Fonterra Shareholders’ Council represents the interests of Fonterra Farmers to the Board of the Co-operative and plays an active role in monitoring and assessing the governance and performance of Fonterra. There are 35 Councillors who are all Shareholders elected by their fellow Farmers in wards across New Zealand.