Fisher & Paykel Healthcare 1st Half Profit Rises

By Ben Collins Features Dow Jones Newswires

New Zealand-based respiratory care company Fisher & Paykel Healthcare (FPH.NZ) said Tuesday that its after-tax profit for the first half of the fiscal year was 4% higher at 81.3 million New Zealand dollars (US$55 million), a record-high.

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"Our first half results are in line with our expectations and reflect consistent momentum across both our product groups," said managing director Lewis Gradon in a regulatory filing.

Operating revenue for the hospital product group, which includes products used in respiratory, acute and surgical care, was up 11% to a record NZ$262.5 million, the company said.

It said its home care product group performed well, with operating revenue up 4% to NZ$191.3 million.

Total operating revenue was 8% higher on-year at NZ$458.4 million.

"It is clear that we have large and diverse opportunities available in the short, medium and long-term. We have a number of new products that will be released over the next few years and intend that these products, along with our consistent growth strategy, will support sustainable and profitable growth over the long-term," Mr. Gradon said.

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He said that at current exchange rates, the company expects operating revenue for the 2018 fiscal year to be close to NZ$1 billion, and that after-tax profit would be between NZ$185 million to NZ$190 million.

Directors declared an interim dividend of 8.75 New Zealand cents, up 6% on-year.

Write to Ben Collins at ben.collins@wsj.com

(END) Dow Jones Newswires

November 20, 2017 15:43 ET (20:43 GMT)