Fisher & Paykel Healthcare has posted a record half year profit of $37 million as strong growth in its sleep apnea products offset a higher New Zealand dollar.
The medical equipment maker's profit in the six months to September was 31% higher than the same period last year. Revenue rose 18% to $251 million.
Chief executive Mike Daniell says the recession has had little effect on demand for breathing masks, hospital equipment and sleep apnea products in its key markets of the US and Europe.
Mr Daniell says costs rose 18% to $71 million as the company expanded its distribution network in Japan and Canada and its operations in China, and increased its research and development budget by nearly a quarter.
The company has taken advantage of the high New Zealand dollar to cash in hedging contracts and pay down debt to below $100 million to reduce interest costs.
Fisher & Paykel Healthcare predicts a full year profit of between $65 million and $70 million, lower than an earlier forecast, as the currency weighs on earnings.
