Fonterra's made an after-tax profit of 364-million dollars, down seven percent on last year.
The forecast farmgate milk price is still a record $9.30 to $9.90 per kilo of milk solids.
Federated Farmers dairy chair, Wayne Langford, says the result's a credit to Fonterra and its pandemic management.
He says billions of dollars will flow into the rural and general economy, at a time it's badly needed.
