August 23, 2018 / 1:53 AM / 2 months ago

NZ's Fisher & Paykel Healthcare upgrades guidance on weaker local currency

Aug 23 (Reuters) - New Zealand medical device firm Fisher & Paykel Healthcare on Thursday raised its full-year profit guidance by more than two percent as it benefited from a weakening in the New Zealand dollar.

The firm, which generates a majority of its revenue outside New Zealand, now expected annual net profit of about NZ$215 million ($142.67 million), higher than its previous guidance of about NZ$210 million.

“This year, the New Zealand dollar has weakened against a number of other currencies, which is the major contributor to the upgrade in our earnings guidance,” Managing Director and CEO Lewis Gradon said.

The New Zealand dollar has fallen more than 5 percent so far in 2018.

The company also upgraded its operating revenue guidance to about NZ$1.07 billion, compared to a previous forecast of about NZ$1.05 billion. ($1 = 1.5069 New Zealand dollars) (Reporting by Aditya Soni in Bengaluru Editing by Darren Schuettler)

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