New Zealand's largest dairy company, Fonterra, has raised its full-year earnings guidance for continuing operations to 50-65 NZ cents per share from 45-65 cents. This increase reflects improved global commodity prices and strong underlying margins. The company also warned of potential disruptions from the Middle East, which could increase its inventory levels and costs in the second half of the year. The world's biggest dairy exporter reported a profit after tax of NZ$750 million for the six months ending January 31, up 3% compared to NZ$729 million a year earlier. The firm also raised its annual forecast range for farmgate milk price to £9.40-NZ$10.00 per kilogram of milk solids.