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Interim profit tumble

Duncan Bridgeman

Friday 14th November 2003

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Fisher & Paykel Healthcare shares lost ground this week following a 25% fall in net profit for the six months to September.

However, a policy change in accounting for foreign exchange hedges made comparisons with the same period a year ago misleading.

F&P Healthcare shares traded early yesterday at $12.05, down 20c since the interim profit announcement on Wednesday.

While net profit fell to $25.2 million, revenue growth from new products climbed 27% in US dollar terms, pushing operating revenue up 3.8% to a record $104.9 million.

The company is forecasting full year revenue of between $US120 million ($193.5 million) and $US125 million.

ABN Amro said in a research note it was reviewing its target price of $13.14 and its add recommendation on the stock. The broking house noted that the company's new obstructive sleep apnoea (OSA) flow generators would be fully established in the second half of the current financial year while its new mask products should continue to increase consumables market sha

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