Fisher & Paykel Appliances Ltd. reported a 14.5% drop in full year net profit. The company said appliance sales increased during the year, but the gain was offset by costs relating to shifting its manufacturing to low-cost countries. It posted a net profit after tax of NZ$54.2 million in the year ended March 31, compared with a restated figure of NZ$63.4 million a year earlier. Full-year appliance sales revenue rose 4.5% in constant currency terms, but due to the high kiwi overall revenue fell 0.9% to NZ$1.41 billion. It incurred costs of NZ$13.9 million associated with relocating manufacturing.
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