Healthcare unit's H1 profit jumps by a third

By NZPA

Thursday 7th November 2002

Fisher & Paykel Healthcare has reported a jump in half year profit by nearly a third to $33.807 million.

The result rose 31.6 percent from $25.688 million in the same period last year.

A dividend of 23 cents per share was also announced.

Shares in F&P Healthcare have been steadily rising on anticipation of a good result, from $9.85 on October 7 to $11.25 on November 4.

The company reported flat operating revenue of $101.1 million for the six months although revenue for the September quarter rose to $50.2 million from $48.7 million.

Cost of sales in the six months rose to $32.4 million from $28.1 million while for the quarter they rose to $16.5 million from $13.8 million.

The second quarter gross profit fell marginally to $33.7 million from $34.9 million, as did the September quarter operating profit, to $16.65 million from $16.74 million.

The profit from continuing operations rose to $33.8 million from $25.7 million.

Earnings per share for the six months rose to 33 cents from 22c.

The company, which sells most of its products in the United States, said a substantial increase in sales of products for the treatment of obstructive sleep apnoea (OSA) boosted profits.

The result includes an unrealised foreign exchange currency gain of $9.1 million after-tax.

Revenue for the six months grew 12 percent in US dollar terms, compared with the prior comparable six-month period.

OSA revenue increased by 40 percent in US dollar terms in the September quarter and this contributed to 20 percent revenue growth overall.

In US dollar terms, respiratory humidification revenue increased by 9 percent and neonatal and patient warming revenue increased by 7 percent over the previous comparable quarter in 2001.

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