Miles Hurrell: Fonterra chief executive on the company reporting a 170 percent profit increase - Heather du Plessis-Allan Drive

Fonterra is reporting profit after tax of $1.6 billion dollars, up 170 percent on last year.

It's reporting earnings of 95 cents per share- up from 36 cents per share.

The full year dividend will be 50 cents per share, including an interim dividend of 10 cents per share.

Fonterra chief executive Miles Hurrell says this result is good for New Zealand's dairy farmers, who have been doing it tough all year.

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