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Fisher & Paykel said that before one-off costs, including moving some of its manufacturing to Thailand, appliance division earnings were up. Because of uncertainties around exchange rates, interest rates, and raw material prices, F&P Appliances has not put out any earnings guidance for the 2007-2008 year.
F&P CEO John Bongard said the company will continue to review where it bases its operations as the high New Zealand dollar, interest rates, and raw material costs cut into its bottom line. Yet, he stressed that New Zealand would remain its home base, despite recently moving its Auckland electronics factory operation to Thailand at the cost of 96 jobs.
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