NZ's F&P Healthcare full year profit jumps 76 pct
WELLINGTON, May 26 (Reuters) - New Zealand medical equipment manufacturer Fisher & Paykel Healthcare Ltd. (FPH.NZ) on Tuesday posted a 76 percent rise in full year net profit on strong sales and a favourable exchange rate, and said it expected further growth in the year ahead.
F&P Healthcare, which makes products to treat breathing disorders and patient warmers, 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 company said it would probably post a full year net profit of around NZ$60 million.
It declared an unchanged final dividend of seven cents per share.
Shares in the top-10 stock last traded up 1 percent at NZ$3.10. It has fallen around 3 percent so far this year, compared with a gain of about 1.5 percent for the benchmark index .NZ50.
The company said it expected to post a net profit in 2010 between NZ$75 million and NZ$80 million, based on an average exchange rate of $0.60.
The company, created from the split of New Zealand manufacturing pioneer Fisher & Paykel Industries in 2001, is based in New Zealand but derives 65 percent of revenue from the U.S., where it competes with Respironics Inc, a division of Philips Electronics PHS.AG and ResMed Inc (RMD.N) (RMD.AX). ($1=NZ$1.61)
