20 Nov 2014

F&P Healthcare's first half profit rises

2:14 pm on 20 November 2014

Fisher & Paykel Healthcare's first-half net profit rose 10 percent, as the company continues to increase its share of growing key markets.

The company made $49 million in the first six months ended September, with sales of almost $317.5 million, up 4 percent on the same period last year.

Chief executive Michael Daniell said the healthcare appliance manufacturer was on track to make a full-year net profit of about $105 million - $110 million, with sales of $660 million, based on the New Zealand dollar being worth 79 US cents.

He said the record result also reflected an improvement in gross margins and other operational efficiencies, which were somewhat offset by smaller gains from currency hedging.

"Right across the business, we saw very-strong growth in demand for our devices and that resulted in strong revenue growth."

He said underlying profit rose 64 percent in the first half, excluding currency movements.

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