WELLINGTON May 23 New Zealand medical equipment
manufacturer Fisher & Paykel Healthcare Ltd. reported a
20 percent rise in full-year net profit on Thursday, on higher
sales and improved margins, and said it saw profits increasing
in the current year.
F&P Healthcare, which makes products to treat breathing
disorders, and patient warmers, reported a record net profit
after tax of NZ$77.1 million ($62.28 million) for the year ended
March 31, compared with NZ$64.1 million a year earlier.
This exceeded the company's profit forecast of about NZ$75
million, the same amount that analysts had been expecting.
The company declared a dividend of 7 cents a share,
unchanged from last year.
Shares in the top-10 stock closed on Wednesday at NZ$3.03.
It has risen nearly 22 percent so far this year, compared with a
13 percent rise for the benchmark index.
The company said it expected a 2014 profit of NZ$85 million
to NZ$90 million, based on an exchange rate of $0.8000-$0.8500.
It expects operating revenue to be in the range of NZ$610
"We expect our underlying revenue growth to continue to be
robust this year, driven by a broad range of new products and
applications," Fisher & Paykel Healthcare CEO Michael Daniell
said in a statement.
The company, created from the split of New Zealand
manufacturing pioneer Fisher & Paykel Industries in 2001, is
based in New Zealand, but derives around two-thirds of its
revenue from the United States where it competes against rivals
such as ResMed Inc.
It has shifted some of its manufacturing to Mexico.
($1 = 1.2380 New Zealand dollars)