WELLINGTON, March 23 (Xinhua) -- New Zealand's dairy giant Fonterra reported strong first-half results on Monday, lifting its full-year earnings forecast and farmgate milk price amid resilient demand and cost controls.
Group revenue rose 10 percent to 13.9 billion NZ dollars (about 8.06 billion U.S. dollars) in the first half of the financial year, operating profit climbed to 1.231 billion NZ dollars from 1.107 billion NZ dollars, and profit after tax increased to 750 million NZ dollars from 729 million NZ dollars, according to the co-operative report.
Fonterra raised its season forecast farmgate milk price midpoint to 9.7 NZ dollars per kgMS, with a range of 9.4-10 NZ dollars, and full-year earnings guidance for continuing operations to 50-65 NZ cents per share from 45-65. (1 NZ dollar equals 0.58 U.S. dollar) ■