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About: http://data.cimple.eu/news-article/c423f8db53dc6772a8b483a47d5b8f8ba1032cbf3b4c3e9e42fa68c7 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	New Zealand dairy giant Fonterra posted a bumper annual profit Friday, putting the world's largest dairy exporter back in the black after two years of heavy losses. Fonterra announced a net profit of NZ$659 million (US$445 million) for the 12 months to July 31, rebounding from a NZ$605-million loss the previous year. The turnaround comes after Fonterra restructured its operations to focus on core business after last year writing down more than NZ$800 million in assets, including slashing the value of investments in China. Fonterra said shareholders would receive a final dividend of five cents a share, ending a suspension on payouts that began in 2019. "We increased our profit after tax by more than NZ$1.0 billion, reduced our debt by more than NZ$1.0 billion and this has put us in a position to start paying dividends again," chief executive Miles Hurrell said. He said Fonterra experienced a strong first half to the financial year but the Covid-19 pandemic affected the second half. "As we moved through the second half, we saw restaurants, cafes and bakeries close and intermittent spikes in supermarket sales, creating uncertainty across the global dairy market," he said. Chairman John Monaghan said the health crisis made providing a detailed outlook difficult as new waves of infection and the virus-induced global slowdown would affect demand in unpredictable ways. "The best way of coping with uncertainty is to stay on strategy and focus on what is within our control --- delivering for our farmers, unit holders and customers, and maintaining our financial discipline," he said. "We need to stay agile and draw on our strengths across the supply chain to manage and adapt to the changing global situation." ns/al/jah
schema:headline	Dairy giant Fonterra posts huge profit after revamp
schema:mentions	Supply chain Dividend New Zealand national rugby league team Supermarket Pandemic China Coronavirus disease 2019 Fonterra Monaghan The Turnaround! ReVamp Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-18 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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