Good news and news Friday from New Zealand-based Fisher and Paykel Healthcare.
Ahead of the close of its fiscal year on March 31, the company released an update to its guidance, but also revealed that it faced a potential drop in asset value (which will be a non-cash component of earnings).
The company said on exchanges on both sides of Tasmania that it had raised its outlook for cash inflow and profit for the financial year that is about to end.
The company said its full-year guidance provided on Nov. 29 last year was based on a “New Zealand:United States” exchange rate of 58 cents, which forecast an operating cash inflow of about $1. 7 billion and a net profit after tax of about $250. . ” million to $260 million.
“Now, assuming a New Zealand-U. S. exchange rate of approximately 61 cents for the remainder of the fiscal year, the Company expects full-year operating profit to be approximately $1. 73 billion and the underlying source of after-tax earnings (excluding any adjustment in fair value) is within the range of about $260 million to $265 million <," the company said Friday.
“In the hospital product group, demand for hospital consumables across the product portfolio remained stable during the second half of the year, which is towards the end of our November expectations,” according to CEO Lewis Gradon.
“In OSA masks, we continue to see great functionality from our Evora Full mask. We’ve gained feedback on our revolutionary F mask.
But Fisher and Paykel also cautioned that the valuation of their homes is likely to get worse, and the full extent of the impact on 2024 earnings is unknown so far.
“The Company will soon conduct a planned valuation of the homes it owns in East Tmaki and Karaka, Auckland and Tijuana, Mexico, as of March 31, 2024.
“During the initial discussions we were informed that the higher interest rate environment and existing zoning prestige of our land in Karaka would likely have a negative effect on the valuation of the property in Karaka.
“Any relief in the Karaka land price would be identified as a non-cash accounting adjustment in the source of income and would have an effect on our net profit after tax for the year. The amount of any potential price relief is unknown lately and our FY24 earnings guidance excludes this non-cash effect,” he said.
“Asset valuations will be conducted through independent appraisers, are subject to a final audit and will be reflected in monetary effects for the year ending March 31, 2024, which are expected to be announced on May 29, 2024.
“The progress of the new campus will take place over the next 30 to 40 years. We look forward to submitting our application for the rezoning of the Karaka land in the next fiscal year and the approvals to be granted in the coming years,” Grasdon added.
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Increases across all areas of Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its Mineral Resource Estimate (MRE) at the Deep Leads Ionic Adsorption Clay (IAC) rare earth deposit in northern Tasmania. The accumulation in MRE comes from 36 extension wells analyzed, representing a significant northward extension for the existing Deep Leads prospect.
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