The Friesland Coberco Dairy Foods co-op has announced a net income of $40.6 million on a turnover of $2.44 billion for the first half of 1998. The results are the first the co-op has produced since its merger, so there are no clear per- formance indicators. However, pro forma figures for 1997 suggest a full year turnover of $4.9 billion and a net income of $47.4 million.