KEY POINTS:
Fisher & Paykel Appliances has reported a half-year net profit down 2.3 per cent to $25.6 million.
The result, for the six months to September 30 compared to the same period in 2005, was on revenue from ordinary activities up 22.2 per cent to $696.68 million.
Increased appliance sales in all markets and a continued strong focus on costs had resulted in a 19.9 per cent increase in operating profit before interest, taxation and restructuring costs to $54.25m, the kitchen and laundry appliance maker said today.
That was achieved despite unfavourable currency movements, high raw material prices, softening demand generally in the United States, and high domestic interest rates, which negatively affected the finance business.
Group profit after tax, but before restructuring costs was $27.71m, compared to $26.57m for the previous corresponding period.
After deducting restructuring costs of $2.1m after tax, group profit after taxation was $25.61m, from $26.21m last year.
Appliances reaffirmed its annual profit guidance, given in August, biased to the lower end of $75m to $80m before restructuring costs and a projected profit on the sale of surplus land.
The company declared an interim dividend of 9 cents.
Its shares were up 3c to $3.77 around 10.30am, shortly after the result announcement.
For the year to March, Appliances had posted a 6.7 per cent fall in net profit to $63.9m, although performance improved in the second half with net profit of $37.7m against the $26.2m first half.
- NZPA
