Fonterra announces jump in profits

<p>A major rise in profits has been announced by Fonterra.</p>

The world's largest dairy company, Fonterra, has announced an increase in profits.

It was revealed by the firm that it made a net profit of 736 million New Zealand dollars (£360 million) for the year to the end of July 2013.

This was an 18 per cent jump on the figures for the previous year and showed the company has bounced back from a recent safety scare in China.

Speaking to Reuters, Theo Spierings, chief executive of the company, stated it is "full steam ahead" after a full review was carried out into the botulism incident.

"Fonterra cannot, and will not, take risks with food safety and the health of the consumers," said John Wilson, chairman of Fonterra.

Both Fonterra's unit price and the kiwi dollar slid on August 5th, when Mr Spierings made an apology for the firm's role in the botulism scare in China.

He revealed in an address to reporters in the Asian nation that batches of whey protein produced by the firm contained bacteria that can cause botulism.

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