The world's largest dairy company, Fonterra, has announced an increase in profits. It was revealed by the firm that it made a net profit of 736 million New Zealand dollars (£360 million) for the year to the end of July 2013. This was an 18 per cent jump on the figures for the previous year and showed that the company has bounced back from a recent safety scare in China.
Speaking to Reuters, Theo Spierings, chief executive of the company, stated it is "full steam ahead" after a full review was carried out into the botulism incident. "Fonterra cannot, and will not, take risks with food safety and the health of the consumers," said John Wilson, chairman of Fonterra.
Both Fonterra's unit price and the kiwi dollar slid on August 5th, when Mr Spierings made an apology for the firm's role in the botulism scare in China. He revealed in an address to reporters in the Asian nation that batches of whey protein produced by the firm contained bacteria that can cause botulism.
Learn about the Asian markets and CFD trading at City Index.
Disclosure: FX Solutions assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.
The products offered by FX Solutions are leveraged products which carry a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.