A strong half year result which culminated in an increase in the milk price, a raise in the advance rate paid to farmers and an interim dividend of 16 cents has provided some much needed relief for Fonterra Farmers said Fonterra Shareholders' Council Chairman, Ian Brown.
Mr Brown: "The Councilhas made the Board very aware of the hardships being faced by a lot Farmers in the Shareholder base and we are pleased they have demonstrated some flexibility in the form of an increased advance rate, to help relieve some of the financial pressure on-farm.
"It's been a strong half year performance and we understand the challenges ahead.
"Particular acknowledgement should be made of the New Zealand Milk Products team who have delivered a really impressive result exactly when it was required."
Mr Brown said that while the drought, which has affected the majority of Farmers, has taken a lot of the focus recently it was important to sit back and feel very positive about the results that have been delivered by Fonterra.
