Hearing implant company Cochlear (COH) reported a 17% increase in core earnings for the first half of fiscal 2008.
The earnings or Net Profit After Tax (NPAT) for the period came in at $57.1 million.
Total revenue for the year increased 8% to $298.0 million with cochlear implant unit sales for the half year up 13%.
The company said that in constant currency terms, sales revenue was up 15%, with the strength of the Aussie dollar impacting the headline sales figure.
“This has been a successful half. Cochlear’s expansion plans are on track despite the higher Australian dollar, higher interest rates and the unsettled world business environment,” chief executive officer Chris Roberts said.
“While delivering a 17% increase in core earnings profit of $61.9 million for the half, we have also achieved our operational milestones, essential to support the exciting long term growth potential of Cochlear,” Roberts said.
However, share price didn’t respond to the positive comments, with the stock falling 9% or $6.05 to $58.95.
