February 22, 2017 / 8:00 PM / 6 months ago

BRIEF-Fonterra confirms 2016/17 forecast farmgate milk price of NZ$6 per kgms

Feb 23 (Reuters) - Fonterra Co-operative Group Ltd:

* Fonterra confirms 2016/17 forecast farmgate milk price

* Fonterra co-operative confirmed the forecast farmgate milk price of $6.00 per kgms announced in November

* "Fonterra also announced that it would increase the monthly advance rate it pays to farmers."

* "Global outlook for dairy remains positive"

* When combined with forecast EPS range for 2017 of 50 to 60 cents, total pay-out available to farmers in current season is forecast to be $6.50 -$6.60 before retentions

* "The advance rate for february, paid in march, has increased to $4.85 per kgms."

* Originally expected to be down 7 per cent for the season, New Zealand collections forecast has now improved to a five per cent decline on last season

* "Global dairy update for Feb reported that the co-operative's New Zealand milk collections were showing signs of recovery"

* Fonterra also announced that it would increase the monthly advance rate it pays to farmer

* All figures in NZ$ Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below