Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
It seems other dairy processors in New Zealand and elsewhere are doing fine while Fonterra struggles to keep its head above water.
With the co-op’s financial woes well documented everywhere, reports of record results from others mean one thing: Fonterra’s strategy has been wrong all these years.
Look at Arla Foods, a European co-op nearly the same size as Fonterra. It’s total revenues for the six months ending June rose nearly NZ$9 billion -- NZ$25 million higher than the same period last year, backed by a 4.6% rise in branded product sales and higher sales prices. Net profit share for 2019 is expected to be in the target range of 2.8-3.2% of revenue.
And at home, Synlait reported an increase in profit to $82.2m, plus a total average milk price of $6.58/kgMS off revenue that exceeded $1 billion for the first time.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird…
OPINION: Synlait's financial woes won’t be going away anytime soon.