23 August 2019

Fonterra plans China expansion despite profit fall, paper says

New Zealand dairy giant Fonterra will continue to expand in China despite net profit halving in the six months to Jan. 31, Shanghai daily reported Thursday, citing its chief executive officer. Fonterra plans to open its first UHT milk processing plant in the country and expand its food services operation, the report said, citing a Reuters interview with Fonterra CEO Theo Spierings. Fonterra said revenue in the six months to Jan. 31 fell 41 percent to NZ$403 million (US$344.87 million) while net profit halved to NZ$217 million. 

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