21 Feb 2013

F and P Healthcare upgrades full year profit forecast

7:30 am on 21 February 2013

Fisher Paykel Healthcare has upgraded its full year profit forecast due to sales growth for its respiratory and sleep apnea mask products.

The medical device maker is forecasting a profit of about $75 million in the year to March, above the $69 million to $72 million range it had previously indicated, despite the persistently high New Zealand dollar.

Last year it made a $64.1 million profit.

Fisher Paykel Healthcare chief executive Mike Daniell said sales for its respiratory and sleep apnea masks grew at a faster pace in the second half of the year, while operating margins improved due to new products, efficiency gains and manufacturing at its Mexico plant.

The company's share price rose 18 cents to $2.52 each.