Fonterra boosted first-half profit 50% and announced plans to return $800 million to its shareholders from asset sales. The $800m sale of its Chilean Soprole business is being shared with its farmer owners and unit holders equating to about 50 cents per share. The Co-ops half year profit after tax of $546 million equates to an earnings per share of 33 cents and a Farmgate Milk Price range of $8.20-8.80 per kilo of milk solids. CEO Miles Hurrell says a profit increase of 50% against a backdrop of market volatility shows the company is performing well and puts that down to diversification – so when milk powder prices are down protein prices have been high.
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