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:

Tourism Holdings Limited (NZX: THL) thl to acquire MaxiTRANS NZ
NZ Compare announces the acquisition of PriceMe
25th January 2022 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra lifts forecast Farmgate Milk Price range
Green Cross Health Limited (NZX: GXH) Trading update
Ebos Group Limited (NZX: EBO) Retail Offer Oversubscribed
24th January 2022 Morning Report
ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility