I had the preview up just a few minutes ago, here: Economic data due from New Zealand today – watch out of milk payout downgrade
- Fonterra cuts forecast payout to farmers for current season to NZ$5.30 per kilogram of milk solids from NZ$6
- Raised estimated dividend range to 25-35 NZ cents from 20-25 cents
- Fonterra net profit after tax NZ$179m, down 76%
- 2014 milk payout confirmed at NZ$8.40/kg, dividend of 10 cents
- 2014 revenue NZ$22.3b, up 19%
Chairman of Fonterra John Wilson on the reduced payout:
- The forecast reflects an uncertain outlook for the global economic environment and an expectation of continued volatility for dairy prices driven by geopolitical events and the supply/demand imbalance.
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NZD dipped to 0.8040 but has come back to be around 0.8060 as i type, off 10-odd pips from before the announcement
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Earlier on the Kiwi:
