May 20, 2020 / 8:47 PM / 16 days ago

New Zealand's Fonterra posts 59% jump in profit

May 21 (Reuters) - New Zealand’s Fonterra posted a near 59% rise in nine-month underlying operating profit on Thursday, helped by robust demand for dairy products.

The world’s largest dairy exporter also forecast a farmgate milk price, or the price it pays farmers to procure milk, between NZ$5.4 to NZ$6.9 per kilogram of milk solids (kgMS) for the 2020-21 season.

It, however, narrowed its range for 2019-2020 to between NZ$7.1 and NZ$7.3 per kgMS, from NZ$7 TO NZ$7.60 per kgMS. (Reporting by Shruti Sonal and Nikhil Kurian Nainan in Bengaluru; Editing by Sriraj Kalluvila)

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