Sharechat Logo

Appliances disappoints market

Duncan Bridgeman

Friday 14th November 2003

Text too small?
Fisher & Paykel Appliances has kept its profit forecast in place for the current year after posting a 3% lift in net profit to $35 million for the six months ended September.

Shares in the whiteware manufacturer fell 14c after the announcement on Wednesday suggesting investors had hoped for an increased full-year profit forecast.

The company reiterated that it expected a similar trading performance to last year's after tax profit of $73.5 million in light of current market conditions.

UBS analyst David Lane said the result was a good performance in such a competitive market.

The US market was particularly strong with sales up 42% on the previous corresponding period.

"I don't think people are negative on the stock ... it has had a long upside and the result came in as expected."

The company said it would pay an interim dividend of 8.8c a share compared with 34c a share in the same period a year ago. Revenue increased 7.7% to $430.6 million and pretax profit was up 3.9% at $49.4 million.

Last month F&P announced it had bought the finance arm of department store Farmers for $189 million.

Father's Day SOON! Crazy Deals on ALL IRG Yearbooks - More than 50% OFF - $19.99 for 44th IRG Yearbook 2018-2019


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar rises after Orr talks up the economy
Comvita posts $27.7m net loss on goodwill write-downs
Buyers emerge for Denton Morrell client book
WEL reviewing capital structure of fibre business
Cavalier announces strategic collaboration with NZ Merino Company
Delegat continues to invest after record year
Kiwibank's annual profit eases as fee income drops
TIL lifts operating earnings, watching for slowdown
Vector profit slides 44% on struggling HRV writedown
Steel & Tube returns to the black but says margins are squeezed

IRG See IRG research reports