Fisher & Paykel Healthcare Corporation (ASX:FPH) has boosted its revenue and earnings forecast for the fiscal year ending on March 31, 2024.
Previously, the company had estimated its operating revenue to be around $1.7 billion and net profit after tax to range between $250 million to $260 million, based on an exchange rate of 58 cents NZ to 1 US dollar.
With an updated exchange rate of about 61 cents NZ to 1 US dollar for the rest of the financial year, Fisher & Paykel now anticipates its operating revenue to reach approximately $1.73 billion. Additionally, the underlying profit after tax, excluding any fair value changes, is expected to fall between $260 million to $265 million.
“In the Hospital product group, there has been a continuation of solid demand for our hospital consumables across the product portfolio throughout the second half, which is towards the upper end of our expectations from November,” Managing Director and CEO Lewis Gradon said.
However, it’s important to note that the company will undergo a scheduled valuation of its properties in East Tāmaki and Karaka, Auckland, and in Tijuana, Mexico by the end of March 2024, which may impact its net profit for the fiscal year.
“We expect to submit our application for re-zoning of the Karaka land next financial year and the approvals to be granted over the coming years,” Mr. Gradon said.
FPH has been trading at $24.09.
