Foreign exchange losses claim more F&P cash

By ELLEN READ

Fisher & Paykel yesterday added $3 million to its previously reported foreign exchange losses for the year to March, correcting an error in its separation documents.

The company had posted a $60.3 million operating profit, exceeding forecasts of $55 million.

The result was affected by $73 million in unusual items - including $64 million in unrealised foreign exchange losses - which dropped the bottom line to $11.04 million.

After adjusting these figures for the error, the group profit after tax and abnormals reduced to $9 million, the company said yesterday.

F&P also confirmed that the split of its healthcare and whiteware divisions remained on track for completion by year-end.

The separation was conditional on regulatory approvals, which were being processed, the company said.

A shareholder meeting to approve the separation is expected in the second half of next month or in October.

A 75 per cent approval vote is required.

Following the separation, 20 per cent of the healthcare division is expected to be listed on the Nasdaq.

F&P shares closed yesterday at $13.10.