However, Fonterra's announcement does not include a bottom line profit or loss.

It says that because of a change to the annual balance date last year, its result have affected by seasonal factors.

The latest half-year covers the period August 2008 to January 2009 and includes two additional high production months (December and January), distorting comparisons with the previous half year which went from June 2007 to November 2007.

Fonterra says its higher revenue was driven by the inclusion of two high sales months due to the change in balance date, stronger contributions from Fonterra’s regional consumer businesses, and the lower Kiwi dollar (albeit offset by lower global dairy prices).

Other highlights include:

- Commodities and ingredients revenue was up 2pc to $NZ5b;

- Australia/New Zealand revenue up 12pc to $1.5b;

- Asia/Africa Middle East revenue up 53pc to $1.2b; and

- Latin America revenue up 12pc to $358 million.

Adjusting for timing factors and including exchange hedging, total revenues would have been down by 7.6pc, reflecting the lower international dairy commodity prices.

Operating expenses as reported were up 13pc. Adjusting for seasonal and currency factors, operating expenses would have been down by 2pc.

Chairman Henry van der Heyden said the interim result was satisfactory given the global economic meltdown and its impact on dairy markets.

"Despite this climate ... our result shows Fonterra to be in reasonable shape given the turmoil in the world economy - it's a tough time for everyone and Fonterra is no exception," he said.

"We have taken, and will continue to take, the tough decisions to manage the business prudently in the current climate and get our farmers the highest payout."