WELLINGTON, March 23 (Reuters) - New Zealand dairy company Fonterra FCG.NZ reported a 123 percent jump in half-year profit on Wednesday as the drop in global milk prices reduced its costs.
The company, which is the world largest dairy exporter, said net profit after tax rose to NZ$409 million ($276.08 million).
Fonterra maintained its forecast farmgate milk price at $3.90 per kg, after reducing it from $4.15 per kg this month.
"The low prices have placed a great deal of pressure on incomes, farm budgets and our farming families," Chairman John Wilson said in a statement.
"We have lifted profitability from last season to this season, resulting in higher earnings per share to help offset low global dairy prices."
Fonterra said an interim dividend of $0.20 would be paid in April and two further dividends of $0.10 would be paid in May and August.
($1 = 1.4815 New Zealand dollars)