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Fonterra's interim results were a bit of a mixed bag, with the co-op back in the black, but its earning performance not quite as impressive.

However, the results did show up a few bright spots, said Fonterra's Managing Director of Co-operative Affairs Mike Cronin.

"We shouldn't lose sight of the fact that there's a lot of stuff in the co-op that's going well," Cronin told The Country Early Edition's Rowena Duncum.

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New Zealand Ingredients has had a steady performance "even with some challenges," said Cronin, and Fonterra's consumer and food service business is doing well in Australia.

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Fonterra chief executive Miles Hurrell's approach of "getting the basics right" has started to pay off said Cronin.

"We set some targets. We never thought we'd be quite there yet - there's a lot of work to do - but we've made more progress than we thought we had."

Although there will be no dividend paid this season, Fonterra has announced a strong forecast Farmgate Milk Price of "between the range of $6.30 to $6.60 per kilogram of milk solids", said Cronin.

Read more: Tip Top attracts small group of potential buyers - Fonterra

Fonterra had been looking at selling Tip Top and its shares in DFE Pharma and Beingmate as part of its portfolio review.

Cronin said the co-op had also sold its share of Venezuelan company Inlaca, which was a "hard one," as Fonterra had been involved with the business for some time.

"It's been a good business but ... there are political and economic strife and devaluations of currency ... and that just means it's a very hard place to run a consumer business."

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Also in today's interview: Cronin talks more about Fonterra's decision to sell DFE Pharma.