New Zealand’s Fonterra reports drop in first-quarter profit

(Reuters) – Fonterra Co-operative reported a drop in its first-quarter profit after tax on Thursday, flagging impacts from lower sales volume and higher milk prices.

New Zealand dairy firm reported a profit after tax of NZ$263 million ($154.12 million) for the quarter, down from NZ$346 million last year.

($1 = 1.7065 New Zealand dollars)