UPDATE 1-NZ's F&P Healthcare profit leaps, helped by currency
* Profit jumps on strong sales, favourable currency
* Expects profits to keep rising (Updates with details, company comment)
WELLINGTON, May 26 (Reuters) - New Zealand medical equipment manufacturer Fisher & Paykel Healthcare Ltd (FPH.NZ) posted a 76 percent rise in annual profit on Tuesday, meeting market expectations, and predicted further growth in the year ahead.
The company said it had seen very strong sales growth, which had combined with a sharp fall in the New Zealand dollar NZD= to send profits climbing.
The growth in sales looked set to continue, and F&P Healthcare would tackle new markets such as Japan, chief executive Michael Daniell said.
"We will be expanding both our R&D activities and our manufacturing capacity in New Zealand, and will also establish an offshore manufacturing facility," Daniell said in a statement.
F&P Healthcare, which makes products to treat breathing disorders and heat lamps, announced a net profit after tax of NZ$62.2 million ($38.6 million) for the year ended March 31, compared with NZ$35.3 million a year earlier.
A survey of seven analysts by Reuters estimates had forecast a net profit of NZ$61.8 million.In November, the firm said it would probably post annual net profit of around NZ$60 million.
The company said it expected to post a net profit in 2009-10 NZ$75-NZ$80 million, based on an average exchange rate of $0.60.
Shares in F&P Healthcare last traded down four percent at NZ$2.95, on relatively light turnover, in a flat broader market .NZ50.
It declared an unchanged final dividend of seven cents per share.
The company, created from the split of New Zealand manufacturing icon Fisher & Paykel Industries in 2001, is based in New Zealand but derives 65 percent of revenue from the United States, where it competes with Respironics Inc, a division of Philips Electronics PHS.AG and ResMed Inc (RMD.N) (RMD.AX).
Profit was boosted by a falling New Zealand dollar NZD= which lost about 28.5 percent during the financial year.
Operating profit was NZ$102.4 million, against an April forecast of about NZ$100 million, while revenue rose 28 percent to NZ$459 million. ($1=NZ$1.61) (Reporting by Adrian Bathgate; Editing by Mark Bendeich)
