Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


F&P Healthcare lifts full-year profit guidance 3%

F&P Healthcare lifts full-year profit guidance 3% on falling kiwi

By Suze Metherell

Aug. 20 (BusinessDesk) - Fisher & Paykel Healthcare raised its annual profit forecast by 3 percent, saying the New Zealand dollar is boosting the value of respiratory and breathing apparatus sold overseas. The shares rose to the highest in at least two decades.

Profit is now expected to be $100 million in the year ended March, 31, 2015, based on an exchange range of the kiwi at 84 US cents, from its May guidance of flat earnings of $97 million, with the currency calculated at 86 US cents, the Auckland-based company said in a statement. Revenue would be $650 million, up from its May forecast of $640 million, and 4.3 percent above 2014 sales.

The lift to its profit forecast is still at a slower pace of growth than the previous year, when annual profit rose 26 percent to $97.1 million, on a 12 percent gain in sales to $623.4 million.

The medical device manufacturer exports 98 percent of its product and blames the historically high kiwi/US dollar cross with crimping earnings growth. The local currency climbed to 88.35 US cents in July, close to its post-float high of 88.40 cents, but has since fallen some 4 US cents, to trade recently at 84.16 US cents.

At current exchange rates the company forecast revenue to be up about 14 percent to $315 million in the six months ending Sept. 30, for a 60 percent profit increase to $45 million.

The company's shares rose 1.5 percent to $4.90.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news