Whiteware manufacturer Fisher and Paykel Appliances has travelled a rocky road already this year, with more pain predicted from the imminent reporting from its first half-year's trading this week.

Its six-month result to the end of September, to be released on Friday, is expected to book large downturns, with group earnings before interest, tax, depreciation and amortisation down 43.5% to $40.3 million, earnings before interest and tax down 73.6% at $11.7 million and an after-tax-profit loss of $80.9 million, compared to a $95.3 million loss the year before, according to brokers at Forsyth Barr.

Forsyth Barr broker Tony Conroy said market sentiment was strongly against Appliances as it had produced a string of bad news.

"We expect the first half of 2010 to be a bad result.

Appliances now needs to put some runs on the board and meet its targets for the second half of the year," he said.

The "bright spot" so far this year was Appliances' finance business, the only portion of the group which was outperforming, with tight cost containment and credit control management producing results, Mr Conroy said.

In late October, Appliances announced it had written off its North American assets by $70 million to $75 million, which before impairment, were valued at $119.5 million.

"USA has been the poor performer of the group.

The appliances market is still down around -20%.

Fisher and Paykel has not escaped the carnage."

In late May, giant Chinese appliance manufacturer Haier took a 20% stake in debt-laden Appliances, costing more than $80 million, as part of Appliances shoring up its finances with about $201 million of capital-raising. The deals are designed to pay down mounting debt accumulated by Appliances' relocation to offshore manufacturing facilities in low-wage economies during the past three years.

"The benefits of a strong New Zealand dollar, the new factories in Thailand and Mexico and the sales push in Australia will not take effect until the second half of this year," Mr Conroy said.

When it announced the Haier stake, Appliances released its full-year 2009 result, revealing the cost of its global strategy to manufacture offshore.

Cuts included 430 jobs in Dunedin of a total 1000 and the closure and $20 million sale of its 23-year-old Mosgiel plant.

Appliances has just booked a $95.3 million loss compared to a $54.2 million profit at the corresponding time last year.

Pre-abnormals after-tax profit was $38.3 million, but with one-off costs of $66 million associated with implementing its global strategy, plus other impairment losses associated with goodwill.

Mr Conroy said through the turmoil, Appliances was in a much stronger position than 12 months ago and positives could be taken from the strong kiwi, the alliance with Haier and low-cost production from Thailand and Mexico.