WELLINGTON, May 21 - New Zealand medical equipment manufacturer Fisher & Paykel Healthcare Ltd. on Wednesday posted a 30 percent fall in annual net profit as a high currency eroded growth in sales.
F&P Healthcare, which makes products to treat breathing disorders and patient warmers, announced a net profit after tax of NZ$35.3 million for the year ended March 31, compared with NZ$50.5 million a year earlier.
A survey of nine analysts by Reuters estimates had forecast a net profit of NZ$34.8 million.
April the company cut its forecast for full year operating profit by 16 percent to NZ$58 million because of the stronger currency.
The top-10 stock closed on Tuesday at NZ$2.76, having traded between NZ$2.50 and NZ$3.70 over the past 12 months.
It declared an unchanged final dividend of seven cents per share.
The company, created from the split of New Zealand manufacturing icon Fisher & Paykel Industries in 2001, is based in New Zealand but derives 65 percent of revenue from the U.S., where it competes with Respironics Inc and ResMed Inc .
Original Source: http://sg.news.yahoo.com/rtrs/20080520/tbs-f-phealthcare-results-7318940.html
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Tim
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