Unfavourable exchange rate movements hit Fisher & Paykel Healthcare which reported full year net profit down 11% to $63.9 million, excluding one-off non-cash deferred tax charges.
Other factors contributing to the fall in profit for the year to March 31 included expenses related to the establishment and expansion of manufacturing in Mexico, and a non-recurring $3.2m distribution termination payment received the year before, the company said today.
When the deferred tax charges of $11.5m were included in the result, net profit was down 27% from a year earlier to $52.5m. The charges related to the removal of depreciation on buildings and the cut in the company tax rate.
Operating revenue lifted 1% to a record $506.1m, despite the unfavourable exchange rates, Healthcare said today.
Revenue growth had accelerated late in the year for respiratory and acute care and obstructive sleep apnea product groups, with contributions from new products and new clinical applications.