Fisher & Paykel Healthcare, which makes breathing masks and respirators, has boosted first-half profit 34 per cent to a record, reporting growth in both its major product lines, and affirmed its expectations for more annual earnings growth.
Net profit rose to $44.5 million, or 7.9 cents per share, in the six months ended Sept. 30, from $33.3 million, or 6 cents, a year earlier, the Auckland-based company said in a statement. Revenue advanced 14 per cent to $303.9 million, with 15 per cent growth in sales of both its respiratory and acute care products and its obstructive sleep apnoea line.
F&P Healthcare said it expects annual profit of between $90 million and $95 million, though trimmed its predictions for operating revenue to a range of $610 million to $625 million from between $625 million and $645 million on a slightly stronger currency than anticipated.
"This is a reflection of our strategy to increase the range of applications for our technologies and to extend the range of products we provide for use in the care of each patient," chief executive Michael Daniell said. "We expect our underlying revenue growth to be robust for the remainder of the year, driven by growing demand for a broad range of new products and new applications for our products."
In September, brokerage Craigs Investment Partners cut $2 million from its forecast for the manufacturer's annual profit to $95 million, citing a rally in the New Zealand dollar against both the US and European currencies, which account for about two-thirds of F&P Healthcare's sales.