Fisher & Paykel net profit rises 18% in H1

Fisher & Paykel Healthcare Ltd reported a net profit of NZ$33.3 million in the six months ($27.3 million) , higher than analyst expectations for about NZ$32.6 million.

The profits of   New Zealand medical equipment manufacturer surged 18% from a year ago, and compared with guidance of NZ$31 million given in August by the top-10 company which was created from the split of New Zealand manufacturing pioneer Fisher & Paykel Industries in 2001.

The medical equipment manufacturer has also declared a dividend of 5.4 cents per share, unchanged from a year ago, and raised its full year guidance to between NZ$69 million and NZ$72 million, compared with its earlier guidance of NZ$65 million- NZ$69 million.

The shares in the company closed at NZ$2.44 on Wednesday, having hit an eighth-month high of NZ$2.47 earlier this month.  So far this year, the shares have fallen nearly 3%, against a 21% gain for the benchmark NZ50 index.  

The New Zealand-based medical equipment maker earned roughly two-thirds of its revenue from the U.S., where it competes against rivals like ResMed Inc.

Fisher & Paykel Healthcare is a manufacturer, designer and marketer of products and systems for use in respiratory care, acute care and treating obstructive sleep apnea.  Its products and systems are sold in about 120 countries worldwide.  It manufactures, assembles, and tests its complete range of products including, components at its facilities in New Zealand. The company is in the process of commissioning an additional manufacturing unit in Tijuana BC, Mexico.