Fisher & Paykel Healthcare Corp., a New Zealand maker of breathing masks and hospital equipment, reported a 54 percent decline in first-half profit after the strong local currency moved against the company.
Net income fell to NZ$16.9 million ($12.8 million) in the six months ended Sept. 30, from NZ$37 million a year earlier, according to a statement today. Full-year profit will be NZ$60 million to NZ$63 million, lower than forecast in August, the company said.
Fisher & Paykel Healthcare sells its products in more than 120 countries, and received 56 percent of its revenues in U.S. dollars, according to the statement. During the six month period, the New Zealand currency bought between 66 U.S. cents and 74 U.S. cents, the company said. It bought 75.8 cents today after almost reaching 80 cents earlier this month.
“The reduction in the half-year result primarily reflects unfavorable exchange rate movements,” the company said in the statement.
While demand increased for the company’s respiratory and acute care products, operating revenue fell 3 percent to NZ$245 million, according to the statement.