Fisher And Paykel have reported a substantial drop in profits for the year to 31st March 2012 which equates to a drop of around 45% although there are one-off costs that make up part of the drop.
Fisher And Paykel said that three major items have affected them this year: a lease charge of $2.7 million NZD (£1.3 million), the adjustment of property held for sale which amounts to $1.2 million NZD (£576K) and litigation costs of $6.8 million NZD (£3.2 million).
“The board remains particularly concerned about retail market conditions in Australia, which deteriorated in the second half of the 2012 financial year,” it said.
While there was a slight improvement in the US economic outlook, there are already signs that this might not be sustained, the company said.
No dividend payment has been announced but the directors have indicated that they intend to restore dividend payments to shareholders as soon as possible.
“However, with conditions in our key markets remaining very uncertain, the directors believe it is prudent to take a cautious approach and have resolved not to pay a dividend at this time,”.