Fisher & Paykel Healthcare raised its net profit by 22 per cent to $64.1 million for the year to March but a decline in sleep apnoea mask sales helped drive the company's share price sharply lower after its results announcement.
The result compared with a net profit of $52.5 million
in the previous year, which included one-off non-cash deferred tax charges of $11.5 million.
F&P Healthcare said expanding clinical applications for its medical devices and new products contributed to record operating revenue of $516.7 million.
In constant currency terms, and excluding the prior year deferred tax charges, the company's net profit after tax grew 23 per cent, mostly as a result of revenue growth, cost control and efficiencies, it said.
F&P Healthcare's share price dropped 16c (6.6 per cent) to $2.27 in the hours after the announcement, the currency-sensitive stock partly reversing a firming trend that had taken place since midway through last month in line with weakness in the New Zealand dollar.
