Fisher & Paykel Profits Go South But Prices North

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According to Radio New Zealand, Fisher & Paykel Appliances has seen profit fall 14.5 per cent due to one-off costs and a high currency.

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The whitegoods company made $NZ54.2 million in the year to the end of March, compared with $NZ61.2m a year earlier.

Total revenue fell slightly to $NZ1.4 billion, as the strong New Zealand dollar reduced returns and offset sales growth.

Ironically, the report notes the company also took a $NZ13m hit from moving manufacturing to Thailand and Mexico, and looking at selling its finance business.

Looking ahead, Fisher & Paykel Appliances says expects tougher trading conditions as economic growth slows in its key markets and prices will be raised later in the year to recover higher raw material costs.

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