Improved earning in the second half of it fiscal year gave Fisher & Paykel Appliances Holdings an audited group net profit after tax of NZ $18.4 million (New Zealand dollars) in the financial year ending Mar. 31, 2012, down from $33.5 million in the previous fiscal year.
"While the group result is down $15 million on the previous year's profit, the improved second half performance from both Appliances and the Finance business is encouraging," said Chairman Dr. Keith Turner.
For the second half of the fiscal year F&P's Appliance business reported a normalized operating profit before tax of $13.7 million compared to a first half loss of $2.4 million. The Appliances business reported a full year operating profit before interest and tax of $7.3 million compared to $28.8 million last year. After adjusting for items affecting comparability, normalized profit before interest and tax was $11.3 million compared to $23.7 million in the previous year.
"Market conditions across our key markets remained difficult. In particular the Australian market slowed noticeably in the second half" said Managing Director and CEO Stuart Broadhurst. "Appliances industry sales in Australia, New Zealand, and the U.S. all recorded negative growth compared to the previous financial year. In this context, the second half improvement in Appliances' earnings is encouraging.
F&P began fulfilling a motor supply agreement with Chinese appliance maker Haier in April 2012 and will begin serving another contract to another customer in September 2012.
"Our new motor supply agreements will produce new revenue this year," Broadhurst said.
In its fiscal year 2013, F&P expects retail conditions will remain soft across all of its key markets. F&P said it is particularly concerned about retail market conditions in Australia, which deteriorated in the second half of F&P's 2012 financial year.
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