Fisher & Paykel to Report Weak First-Half Results
Nov 10, 2003
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New Zealand-based companies Fisher & Paykel Appliances Holdings Ltd. and Fisher & Paykel Healthcare Ltd. are scheduled to report their first-half earnings this week, but neither will match the strong profit rises seen in previous earnings reports, according to analysts.

Fisher & Paykel Healthcare, a medical equipment maker, will report a first-half net profit of NZ$26 million (approx. U.S. $16.0 million) from earnings before interest and tax of NZ$38.3 million, according to a Dow Jones Newswires poll of four analysts.

This is NZ$7.8 million below the previous first half net profit of NZ$33.8 million, but the drop is due to a change in accounting treatment of foreign exchange, in which the company no longer marks to market its hedge portfolio.

One analyst said that after excluding gains from the foreign exchange hedge book, last year's first-half net profit was NZ$25.2 million.

The expected EBIT of NZ$38.3 million is above the previous year's first-half EBIT of NZ$35.7 million.

Fisher & Paykel Appliances, a home appliance maker that split from the Healthcare business in late 2001, will report a flat first-half net profit of NZ$34 million -- the same as the previous year's first half, according to a Dow Jones Newswires poll of five analysts.

Earnings before interest and tax are estimated at NZ$51.2 million.

Profit estimates ranged from NZ$33 million to NZ$35.8 million.

Like the Healthcare business of which Fisher & Paykel Appliances owns 19 percent, the first- half profit won't match up to the full-year result the company posted in May when it reported full-year earnings before interest and tax for the core appliance business of NZ$91.3 million, up 44 percent from the year before. (Dow Jones)

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