NZ's F&P Appliances posts year loss on writeoffs

WELLINGTON, May 27 (Reuters) - New Zealand's largest appliance manufacturer, Fisher & Paykel Appliances Ltd (FPA.NZ), on Wednesday reported a full year loss on the writedown in asset values and said Chinese appliance maker Haier would become a cornerstone shareholder.

The kitchen and laundry appliance maker posted a net loss after tax of NZ$95.2 million ($59.2 million) in the year ended March 31, compared with a NZ$54.2 million profit a year earlier.

In February F&P Appliances warned the global recession had hit hard sales of its appliances and profit after one-off restructuring costs and asset sales would be about break-even.

The company said it would not pay a dividend.

Shares in F&P Appliances, a top-10 company, had been on a trading halt since last Friday when it had closed at NZ$0.66.

It said Haier would take a 20 percent stake in the company and that it planned to raise a minimum of NZ$189 million through an issue of shares. It said it had also agreed a debt facility of NZ$575 million with its banks.

F&P Appliances, known for its double-door dishwashers and smart washing machines, is shifting most of its manufacturing to low cost markets in Mexico and Thailand.

At its February update it said falling sales had left it short of cash for the moves, increasing its bank debt to about NZ$570 million, and forcing it to look at capital raising options such as taking on a cornerstone investor. ($1=NZ$1.60)