One highlight was the APAC Ingredients channel which performed well.
While some of that success could be attributed to strong commodity prices, Swales said it was also down to the co-op's priorities:
"To hold market share, to continue to accelerate our wellness and affordable categories and build market share across our Quick Service Restaurants - where we've had some great success."
There were many factors behind APAC's results stemming from Fonterra's customer and consumer-led approach, Swales said.
"In Asia Pacific, our strategy is to grow Consumer and Foodservice business - which is the main part of the business in that part of the world."
There was also success creating value from Fonterra's sustainability and innovation credentials, Swales said.
"We made good progress on that during the first half of the year."
This focus on sustainability was illustrated In Vietnam, she said.
"Our customer, called Nutifood, launched 100% New Zealand Grass-Fed Milk – the first customer in Vietnam to feature our grass-fed claim.
"So that brings to life the commercialisation of the sustainability credentials. Everybody wants to do it - but can you make money from it?"
Swales said Fonterra continued to see good demand for its consumer brands with new initiatives and product launches this half.
"Across our South East Asian markets, we've launched a new product called Anlene Gold 5X. It's got some great clinical claims that you can improve five key mobility benefits.
"For those of us who are getting a bit older, we want to get up and about and this has got great credentials in that space. That's really growing what we call our active living category."
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In Australia, Fonterra's brands continued to be amongst "the most-loved on the dairy shelf" with good value-share growth, Swales said.
Although Covid had been "brutal" on Foodservice, the business was still gaining market share, with volumes up on last year, Swales said.
"Foodservice has been a bit of a challenge right across our part of the world."
Challenges also presented opportunities, she said.
"We keep pushing on where we can make changes, building a business for the future. So we're being more efficient and effective with our digital campaigns ... which is allowing us to really find new customers."
Meanwhile, a high milk price, while great for farmers, had impacted Fonterra's margins, Swales said.
"It does limit our ability to get after some of that profit when you have to pass on a 30 per cent increase in milk price and that goes into all the commodities."
Fonterra's half-year earnings had been achieved at a time when input costs were significantly higher, Swales explained.
"When we did the budget for this financial year, we were a $7.40 milk price and we're now at $9.60."
It was likely these high milk prices would continue, she said.
"We need to make sure our business and our customers are set to take on the new challenges of increased input costs. "
Ultimately, it was important to focus on what Fonterra could control, whether through deepening customer engagement, growing market share or promoting the premium quality of its products, she said.
"It's onwards and upwards for the second half."
