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Fisher & Paykel Appliances Holdings reported a net profit after tax of NZ $33.5 million (approx US $27.4 million) for its fiscal year ending March 31, 2011, a much better result than last year's loss of NZ $83.3 million.
F&P attributed the gains to improved operations, lower interest costs, and the fact that the Group did not have the substantial abnormal charges it had the year before.
The Appliances business reported normalized operating earnings before interest and tax for the full year of NZ $23.7 million, 71% of those earnings being achieved in the second half. Last year’s full year earnings before interest and tax was NZ $29.4 million.
Appliances’ earnings were at the upper end of the forecast range of NZ $15 to NZ $25 million.
F&P called trading conditions in North America challenging, while New Zealand sales were lower because of distribution changes. Performance in these markets offset better sales in Australia.
F&P said market share grew in Australia in the last year and New Zealand market share returned to pre-March 2010 levels.
Higher sales volumes were offset by price reductions, which lead to a 5.5% reduction in operating revenues.
Significant progress on quality and operational improvements has been achieved during the year and the F&P is strengthening its relationship with Chinese appliance maker Haier, which owns an interest in F&P. A February 2011 technology-sharing agreement will generate revenues of NZ $20 million to NZ $35 million annually for F&P. Earnings are expected to commence in the first quart, starting in the 2013 fiscal year.
F&P's New Zealand-only Finance business reported full year earnings up 20% to NZ $34.7 million.
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