Fonterra set to nurture China expansion
Print Edition
NEW Zealand dairy giant Fonterra will continue to expand in China despite a 50 percent drop in net profit in the six months as of January 31, its chief executive officer was quoted as saying yesterday.
Hoping to tap demand from a wealthier population in China, Fonterra will reveal plans for its first UHT milk processing plant in the country within two years, Reuters said yesterday, citing Fonterra CEO Theo Spierings.
The appetite for a fatter margin saw Fonterra grow faster in China’s consumer market last year with the launch of Anchor-branded UHT milk and Anmum infant formula products.
The company is also expanding its food services operations in China where more than half of all the pizza sold in the country are topped with Fonterra cheese, Reuters said.
To fund its China expansion, Fonterra raised 1.25 billion yuan (US$201 million) in a five-year yuan-denominated bond issue in Hong Kong in January.
Fonterra yesterday said its revenue in the six months as of January 31 dived 41 percent to NZ$403 million while net profit halved to NZ$217 million. It blamed the drop to rising milk costs and a lack of capacity to produce higher-yielding products.
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