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

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news