WELLINGTON, Sept. 21 (Xinhua) -- New Zealand's dairy giant Fonterra on Thursday announced a strong set of results for the financial year ending July 31, 2023, reflecting a 2022-2023 farmgate milk price of 8.22 NZ dollars (4.86 U.S. dollars) per kgMS (milk solids) and reported profit after tax of 1.6 billion NZ dollars (950 million dollars).

The co-operative group has delivered strong earnings and made progress against key strategic initiatives in the latest financial year. However, this has been against the backdrop of a farmgate milk price that has dropped across the season, said Fonterra's Chief Executive Miles Hurrell.

"Our 2022-2023 season Farmgate Milk Price was impacted by reduced demand for whole milk powder from key importing regions," Hurrell said, adding as the financial year progressed, the Global Dairy Trade prices have dropped, with the average whole milk powder price down 16 percent compared to the last season.

Fonterra's strong balance sheet has been utilized to introduce a new advance rate schedule guideline to assist on-farm cash flow to alleviate the impact caused by the reduced farmgate milk price on farmers' businesses, he said.

The co-operative group saw full-year reported earnings of 95 cents per share, up from 36 cents per share, according to the annual results. Enditem

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