Dairy producer Fonterra on Thursday raised the lower end of its full-year profit outlook on strong demand for its products.
The company narrowed the expected range to between 25 and 35 New Zealand cents per share from 20 and 35 New Zealand cents per share.
The world's biggest dairy exporter expects higher profit in the first half of its fiscal year and warned of sales margin pressure due to rising dairy prices in the second-half.
As of Feb. 16, global dairy prices have gained more than 25% compared with rates in mid-June.
In February, the company raised the price it pays farmers for milk for the 2021 season on strong demand for its dairy products in China and Southeast Asia as well as firmer global dairy prices.
Fonterra will announce its half-year results on March 17.
(Reporting by Sameer Manekar in Bengaluru; Editing by Arun Koyyur)
