F&P Healthcare profit up 22pc
Fisher & Paykel Healthcare's full year net profit has jumped 22 per cent, but the company's performance on an operations basis was more tepid.
The maker of breathing masks and respirators said net profit for the year months to March 31 came in at $64.1 million, up from $52.5m a year ago when it took an $11.5m deferred tax charge relating to changes in New Zealand depreciation rules.
The company, which earns about 52 per cent of its revenue in US dollars, said currency fluctuations blurred what was otherwise a period of modest growth for product sales.
Total operating revenues rose 2 per cent in the year to $516.7m.
Revenues from its respiratory and acute care segment rose 7 per cent, but in constant currency terms increased by 13 per cent.
Meanwhile operating revenue for its sleep apnoea unit fell 3.2 per cent, but on a constant currency basis showed a 3 per cent improvement.
F&P Healthcare recorded foreign currency gains of $3.6m in the period, notably up on the $520,000 earned last year through its hedging programme.
Research and development spending rose 7 per cent to $42m, which F&P Healthcare said will begin reaping rewards in the second half of 2013 as new products come to market.
The company said it expects operating revenue to lift to between $540m and $560 in the current financial year, resulting in a net profit forecast for the 2013 year of $62m to $70m.
A fully imputed 7 cents per share dividend was declared, on par with the previous year.