Fonterra Maintains Product Prices Despite Weakening Malaysian Ringgit

KUALA LUMPUR, June 2 (Bernama) -- Dairy giant Fonterra Brands (M) Sdn Bhd is maintaining product prices despite feeling the impact of the weakened Malaysian ringgit. Managing Director Jose Miguel Porraz Lando said the local note’s devaluation had resulted in an increase in the cost of goods as the company purchases most of its milk powder and raw ingredients in US dollars. "The raw products and ingredients are imported from New Zealand and each metric tonne is denominated in US dollars. "However, we have managed to effectively control our operations and customers need not pay more for the products," he told reporters here, Thursday. He said Malaysians enjoyed the equivalent of 810 million glasses of Fonterra Milk daily last year. "We have more than 20,000 retail outlets to supply our dairy products to consumers and 13 export markets across Asia and the Middle East. "The dairy servings include Fonterra’s consumer branded and food service products, under the Anchor, Fernleaf, Anlene, Anmum, Mainland and CalciYum brands," he added. -- BERNAMA