NZ's F&P Healthcare raises full-year profit forecast
WELLINGTON Feb 18 (Reuters) - New Zealand medical equipment producer Fisher & Paykel Healthcare Ltd on Tuesday raised its profit forecast due to strong demand for its sleep treatment products and improving margins, while the company said it would expand manufacturing at its Mexico facility.
The maker of devices to treat respiratory problems and sleep disorders said it expected net profit after tax to come in at NZ$97 million ($81.06 million) in the year ending March 31, up from a previous forecast of NZ$90 million-NZ$95 million.
Fisher & Paykel Healthcare, which earns roughly two-thirds of its revenue from the United States, said that it would expand its plant in Tijuana, Mexico, and expected to manufacture approximately half its product volume within three years. ($1 = 1.1966 New Zealand dollars) (Reporting by Naomi Tajitsu, editing by David Evans)