Fonterra in a statement to NZ stock exchange, sees the 2018-19 milk price of NZD6.30-6.40 per kg of milksolids

  • prior forecast was NZD6.30-6.60

Forecast financial year 2019 earnings per share to 10-15 cents

  • from 15-25 cents previously

Cites:

  • recovery in key markets slower than expected
  • tightening price relativities between non-reference and reference products
  • on-going challenges in Australia

(On Australia, Fonterra has announced overnight the closure of one plant, loss of 100 jobs)