The forecast record high farmgate milk price remains unchanged at $9.30 to $9.90 per kilogram of milk solids, which will inject 14 billion dollars into the economy.
Fonterra CEO Miles Hurrell says the higher milk price has put pressure on margins and the impact of Covid-19 is being felt in many markets.
He says lower New Zealand milk collections reduced total production, which impacted overall sales volumes.
Shareholders will receive an interim dividend of five cents per share.
