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Monday, New Zealand's Fonterra Co-operative Group raised its payout forecast for 2009/10 by 95 cents to NZ$6.05 per kilogram of milksolids. Fonterra had lifted its forecast to NZ$5.10 per kgMS on September 22.
According to Henry Heyden, Fonterra Chairman, the higher forecast reflects the Co-operative's increasing confidence around the recent gains in international dairy prices. Heyden added, "The improvement in global dairy markets reinforces that dairying is a business that's in good heart with sound long-term prospects, both for Fonterra shareholders and the broader New Zealand economy."
Further, the Auckland-based company said returns for non-Milk Price products are forecast to be lower, relative to powders, for the remainder of the current financial year. As a consequence, the Distributable Profit forecast has been reduced by 15 cents to 35 cents.
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