23 Aug 2011

Fisher Paykel Healthcare lowers profit prediction

6:51 am on 23 August 2011

Fisher Paykel Healthcare expects profits to remain flat in the 2012 financial year because of currency volatility.

The company expects net profit for the year to March 2012 to be between $60 - $65 million.

That compares with a profit of $64 million for March 2011 year.

Chief executive Michael Daniell says the company is tackling the currency volatility in a number of ways, including expanding its factory in Mexico and diversifying further into other non-US currencies.

He says the company is continuing to operate a foreign hedging policy that will help offset the effects of currency volatilty and will earn the company more than $100 million in coming years.