Sharechat Logo

F&P Appliances returns to profit, revenue down

Friday 27th May 2011

Text too small?

Fisher & Paykel appliances returned to profit in the year to March, but its revenue for the latest 12 months fell 3.7% from the year before to $1.12 billion.

Reported net profit was $33.5 million, compared to the loss of $83.3 million last year after deducting impairments and other one-off items.

The improved result in the latest year was due to improved operations and lower interest costs, while the group also did not have any substantial abnormal charges, Appliances said today. The company is 20% owned by Chinese white goods manufacturer Haier.

Net debt was cut by $73 million to $100 million due to strong operating cashflows and property sales. Interest costs were down 46% to $15.4 million.

No dividend was declared for the 2011 financial year due to a rise in growth-related capital spending for the coming year and a cautious approach to credit markets, Appliance said.

 

NZPA



  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:

30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete
Geneva Finance Limited (NZX: GFL) Half Year Results
The New Zealand Refining Company Limited (NZX: NZR) NZ announces equity raising
Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021
Me Today Limited (NZX: MEE) 30 September 21 Results and Conditional Placement