Fisher & Paykel Appliances is back in profit, though it warns demand remains weak.
The Auckland-based appliance company made a profit of $11.3 million in the six months to September, a turnaround from a loss of $82.4 million in the same period a year ago when it wrote down the value of assets.
Sales fell 6% to $550 million due to weak demand and intense competition in New Zealand and the United States for its dishwashers and washing machines, though its finance arm doubled its earnings.
Chief executive Stuart Broadhurst expects consumer spending to be subdued, but says the company can keep a lid on rising costs and boost earnings.
No dividend has been declared.
Looking ahead, Fisher & Paykel Appliances lowered its full year earnings before interest and tax to between $63 - $70 million.