"Our" business?
OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.
Fonterra has weathered the effects of COVID-19 to deliver an impressive third-quarter results.
For nine months ending April 30 this year, the co-op’s total group normalised Earnings Before Interest and Tax (EBIT) topped $815 million, an increase of $301 million on this time last year.
Fonterra chief executive Miles Hurrell attributes the result to work done over the last year to strengthen its balance sheet, and the co-op’s ability to respond quickly has helped manage the COVID-19 situation over the last few months. “We’re drawing on our global supply chain and diverse product and customer base to minimise disruptions for our customers and our business.
“COVID-19 has affected virtually every country, market and industry, and as a result, the global dairy market is volatile and the outlook is uncertain.
“This is a tough environment for everyone. As a New Zealand dairy co-op, exporting 95% of our products, many of the markets we do business in have always been prone to sudden shocks and this can impact where, when and what we sell. However, the global nature of COVID-19 is like nothing we’ve experienced before.
“Like other businesses, we will feel the impact of COVID-19 and its flow-on effects but how and to what extent is still uncertain. We are drawing on all our experience in managing market volatility.”
Hurrell says he’s proud to lead a team “who genuinely care and recognise the importance of our farmer owners, unit holders, customers and local communities”.
“The way our co-op has responded to COVID-19 has been a real highlight for me.”
All three of Fonterra’s business units have delivered a good performance for the year to date, despite the negative impact COVID-19 had on the foodservice business in the third quarter.
Key results
According to the most recent Rabobank Rural Confidence Survey, farmer confidence has inched higher, reaching its second highest reading in the last decade.
From 1 October, new livestock movement restrictions will be introduced in parts of Central Otago dealing with infected possums spreading bovine TB to livestock.
Phoebe Scherer, a technical manager from the Bay of Plenty, has won the 2025 Young Grower of the Year national title.
The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.
Award-winning boutique cheese company, Cranky Goat Ltd has gone into voluntary liquidation.
As an independent review of the National Pest Management Plan for TB finds the goal of complete eradication by 2055 is still valide, feedback is being sought on how to finish the job.
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