F&P Healthcare profit rises

NZX-listed Fisher & Paykel Healthcare said its net profit rose by 18 per cent to $33.3 million for the six months to September 30, compared with the previous corresponding period, and that it was heading towards an improved performance for the full financial year.

In constant currency terms, the company's operating profit grew by 46 per cent in the six monnths, mostly as a result of revenue growth, improved gross margins and operating efficiencies, the specialised medical equipment maker said.

Operating revenue was a record $266.9 million - up 6 per cent from the same period last year.

The company's respiratory and acute care product group operating revenue increased by 11 per cent and obstructive sleep apnea product group revenue increased by 3 per cent in constant currency terms. F&P Healthcare announced an interim dividend of 5.4c, unchanged.

F&P Healthcare said it expects operating revenue in the 2012-13 year to be in a range of $545m to $555m and its net profit to be in a range of $69m to $72m - up $3m to $4m on the guidance provided at the its annual meeting in August.

The company's net profit was $64.1 million in the 2011-12 financal year.


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