Home appliances business Fisher & Paykel (FPA) reported 16.6% increase in its half yearly net profit driven by increased sales, new product releases and continued cost cutting down activities.
The New Zealand based group's profit for the year was NZ$29.3 million, up from NZ$21.55 million the previous year.
FPA's stock price was up 3 cents or 1% to AU$2.88 by late afternoon, amid thin volumes.
"In local currency terms, sales in the appliances division's three major markets of New Zealand, Australia and North America exceeded the previous corresponding period and achieved record highs," the company said.
In the statement, Fisher & Paykel admitted the New Zealand dollar's movement has had adverse effects:
"In New Zealand dollar terms, total revenue and other incomes decreased by $3.6 million (0.5 percent) to $693.1 million for the year. This reduction was entirely due to appreciation of the New Zealand dollar."
However, New Zealand sales performed well in a declining market. Revenue was up 1.3% on the previous corresponding period to a first half record NZ$121.5 million.
The company incurred one-off costs of $NZ11.3 million through relocating the New Zealand Laundry Products and Electronics factories to Thailand.
Similarly, Australian revenue was up 11.1 %, in a market the company says has shown a slight recovery compared to last year.
North American and European sales revenues were both up, 7.9% and 28.6% respectively.
Directors have approved a NZ9 cent interim dividend, payable on 5 December 2007 to shareholders registered 23 November 07.
In regard to its outlook, Fisher & Paykel says the group is forecasting mixed conditions for the second half. Demand is expected to increase in Australia, Europe, UK and Ireland and decline in both New Zealand and the USA.
The New Zealand-based company has a market capitalisation of about $811 million and is listed on both Australian Stock Exchange and New Zealand Exchange.
FPA shares remained unchanged from its previous close at $2.85.
