NZ's Fonterra hits record low, set for worst month in nine on performance slump

Future Consumer

29/04/2022 02:59

** Shares of the world's biggest diary exporter  FCG.NZ  hit
a record low; down more than 6.2% in value this week, chasing
their worst week and month since last July 
    ** Fonterra in March reported https://www.nzx.com/announcements/388981
 a 13% fall in its half-year profit after dealing with high
input costs and lower milk collections in New Zealand due to bad
weather conditions   urn:newsml:reuters.com:*:nL3N2VJ47R
    ** Also saw a drop in Greater China earnings before interest
and tax in HY results as food sector margins contracted
    ** FCG has faced headwinds from COVID-19 lockdowns, rising
input costs, and unstable demand for its products
    ** The dairy exporter has reportedly also been a takeover
target on general share price weakness; shares down 31.8% since
2019-end
    ** FCG set for its fourth straight day of losses 
    ** Stock down 7.4% this year, as of last close


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))