Fisher & Paykel Appliances has just released its financial results for the year ending 31 March 2009. The news is disappointing as expected, due to slowing consumer demand and the global financial crisis impacting sales in the second half of the year.
The group reported a normalised net profit after tax for the second half of the year of $11.4 million, compared to $22.4 million for the first half. After deducting one off costs, the group reported a loss after taxation of $95.3 million.
The one off costs associated with implementing the Appliances’ Global Manufacturing Strategy, which amounted to $48 million.
The company’s normalised operating profit before interest and tax for the year was $76.7 million, down 30.4 per cent on the previous year, the results outlined that the second half of the year was substantially more difficult for the company with a normalised operating profit of $31.9 million, compared to $44.8 million for the first half.
“The reversal was primarily driven by the rapid deterioration in global economic conditions and the resulting decline in sales volumes experienced in the second half of FY09,” the company said in a statement.
In terms of Appliances revenue for FY09, Fisher & Paykel reported $1,213.5 million, which was down four per cent compared to $1,268 million in FY08.
In terms of the Australian market, Fisher & Paykel claim the company is positioned well despite a reduction in sales.
“The Australian market overall continues to decline with sales down 7.7 per cent on the previous corresponding period. Similar to New Zealand, a more aggressive marketing approach in the final quarter resulted in the Group recapturing market share that was previously lost prior to Christmas,” the company said.
“The company continues to be positioned as a premium brand in the Australian market and has maintained its market share.”