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Fisher & Paykel Half-Year Results
Nov 10, 2005
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Fisher & Paykel Appliances Holdings Limited reported results for the half-year ended Sept. 30, 2005, and directors say they are in line with expectations.

The Auckland, New Zealand-based appliance maker reported profit after taxes of NZ $26.2 million (approx. U.S. $18.0 million) compared to $34.5 million (approx. U.S. $23.8) for the same period last year. The company said negative impact was felt from the appreciating New Zealand dollar, raw material prices and rising interest rates.

Total operating revenues for the 6-month period were NZ $569.9 million (approx. U.S. $393.2 million), up 21.4 percent from the previous year's NZ $469.4 million (approx. U.S. $323.9 million).

Appliance unit sales growth was 7.7 percent, which marked a 23.8-percent increase in terms of New Zealand dollars (NZD). F&P said its sales growth in NZD was "a pleasing result achieved despite a negative impact of approximately $23.0 million from New Zealand’s appreciated currency."

The company said its investment in the U.S. market is paying off with strong sales growth to NZ $198.0 million (approx. U.S. $136.6 million), compared to NZ $89.5 million (approx. U.S. $61.7 million) last year. This included revenue from Dynamic Cooking Systems Inc. (DCS), which F&P acquired in October 2004.

New Zealand revenues were ahead of last year's, but there was slowing in Australia. Other international markets were slightly ahead of the same period last year.

In units sales in the 6-month period, F&P reported:

New Zealand sales at 153,600 units showed an increase of 1.8 percent on the previous corresponding period, (resulting in a 2.5 per cent increase in NZD terms).

Australian sales declined by 9.7 percent to 273,000 units (resulting in a 7.9 percent decrease in AUD terms).

U.S. unit sales continued to grow to 168,700 units, up 72.7 percent and resulting in a 151.5-percent increase in terms of U.S. dollars. This includes DCS products not present in the previous period.

Singapore showed good growth in a competitive market in terms of unit sales, and are up by 76.0 percent (122.8 percent growth in SGD terms).

Europe unit sales volumes declined 2.1 percent, but sales in NZD terms were up by 20.3 percent.

Other export markets showed a unit sales decline of 12.7 percent.

As APPLIANCE reported in July and September, F&P is relocating the manufacturing of its SmartDrive washers from Cleveland, Australia, to Clyde, Ohio, U.S. The move includes motor manufacturing. The move is expected to be complete in the next financial year.

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