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Fisher & Paykel Releases Half-Year Results
Nov 12, 2003
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New Zealand home appliance maker Fisher & Paykel Appliances Holdings Ltd. reported a first-half net profit of NZ$34.9 million (approx. U.S. $21.8 million), slightly higher than both last year's first-half earnings and analysts' expectations.

The company said in a statement to the stock exchange that it expects "a similar performance to that of last year, for the current financial year."

Revenue increased by NZ$30.7 million to NZ$430.6 million, with the core appliance business responsible for NZ$29.5 million of that increase.

The company's net profit of NZ$34.9 million is higher than last year's first-half earnings and analysts' expectations, both of which were NZ$34 million.

In the core appliance business, revenue increased 7.9 percent to NZ$402.8 million.

"Buoyant trading conditions throughout the last trading period continued in New Zealand and Australia," the company said. "Strong growth occurred in the USA as we increased our market penetration."

New Zealand sales increased 15.9 percent, Australian sales were up 15.9 percent in Australian dollars, and U.S. sales grew 35.8 percent in U.S. dollars. The company said its finance business "continued to perform steadily."

Commenting on the outlook for the appliances business, Fisher & Paykel Appliances said "market conditions are expected to continue at similar levels through the second half," adding that "pricing competition in all markets remains intense."

The finance business "is expected to continue to perform steadily," it said. (Dow Jones)

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