Shares in Fisher & Paykel Appliances share price fell to less than 60 cents on Monday after the company announced its full-year profit could fall by 54%.
The price was the lowest since the company was listed in 2001. However, it recovered slightly in the afternoon, trading at 65c.
Fisher & Paykel Appliances expects its net profit to be between $25 million - $30 million for the year to March - down 54% compared with $54.2 million the previous year.
After one-off items, including an asset sale and restructuring costs, the company says it expects to break even. Global sales revenue is slipping. Europe is down by 19%. Domestic revenues are down 13%.
Chief executive John Bongard says the company has no plans for now to move more factories overseas.
The company is introducing cost-cutting measures, including a pay cut of 7.5% for Mr Bongard and a 5% cut to other executive salaries.
Employees are to be rostered off for one day every month, though this can be substituted with annual leave.
The company is speeding up plans to sell a 14-hectare site in East Tamaki, Auckland, and is also looking to raise capital, possibly by securing a cornerstone shareholder.
It has been planning to introduce a cheaper brand, Elba, in North America for budget-conscious consumers and is in negotiations for a similar move in Australia.
