F& PHealthcare profit slips 2pc
Fisher & Paykel Healthcare posted a 2 per cent drop in first-half profit as demand slowed for its breathing aids used to treat Covid-19. Net profit fell to $221.8 million in the six months to September 30, from $225.5m last year. Revenue slipped 1 per cent to $900m while expenses increased 5 per cent to $265.3m. Fisher & Paykel Healthcare has experienced unprecedented demand for its breathing devices since early 2020 as hospitals stocked up on the machines and accessories to treat patients with the coronavirus. However, growth has slowed as hospital admissions reduce and demand for stock stabilises. ‘‘The first half of the last financial year was a period of extraordinary demand during the initial surges of Covid-19,’’ said managing director Lewis Gradon. Due to uncertainty about the impact of Covid-19 in the future, the company would not provide revenue or earnings guidance for the remainder of the year, he said. In the first half, revenue for the company’s hospital division, which includes products used in acute and chronic respiratory care and surgery, fell 2 per cent to $670m. Shares in F & P Healthcare, the largest company listed on the NZX, rose 2.5 per cent to $32.99 in midday trading yesterday.