F&P Appliances returns to profit, revenue down

Friday 27th May 2011

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

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