Profit for Dairy Equity

Dairy Equity, set up last year as an investment company formed out of Fonterra, yesterday announced a maiden profit for the year to August of $1.28 million.

All the profit will be paid out on November 16 in a dividend of 1.31c a share. Dairy Equity provides the public with equity exposure to Fonterra, the country's largest company.

Dairy Equity listed on the sharemarket in September last year at 52c after an initial public offering that raised $92 million.