Fonterra plans to sell more assets that are not important to its main operations.
Sales fell nearly 4% to $7.7 billion in the six months to the end of December as the global slowdown reduced demand and the strong New Zealand dollar hit returns.
Fonterra sold its stakes in several joint ventures as well as an ice cream business in Australia during the period.
Chief executive Andrew Ferrier says the cooperative is likely to sell more non-core assets.
He says demand is showing signs of recovering and dairy prices are stabilising.
Meanwhile, Mr Ferrier says the emissions trading scheme, which starts on 1 July, will cost the company $25 million a year.