Gareth KiernanDairy’s woes continued this week as Fonterra again revised down its forecast payout for this season, this time to $3.90/kgms. Dividends will take the total payout up to about $4.40/kgms, which would be 25c/kgms below last season’s returns. Fonterra’s new forecast would take this season’s payout, in inflation-adjusted terms, to its lowest level since 1991, and 29% below the average real payout of the last 20 years.
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