Virus demand boosting Fisher & Paykel
A manufacturer of ventilators used to treat patients with coronavirus, Fisher and Paykel Healthcare, has stepped up production and upgraded its earnings expectations.
Chief executive Lewis Gradon said there was an increase in demand globally for its respiratory humidifiers and consumables, and manufacturing had been ramped up.
Hospitals across many western nations, particularly those in Europe and the US, are treating increasing numbers of patients as the virus spreads.
Covid-19, which originated in China last year, has been declared a pandemic and has killed 6,606 people, according to the World Health Organisation.
The weakening of the New Zealand dollar, and stronger sales in homecare, have also prompted the earnings update to the Australian and New Zealand share markets.
Fisher and Paykel's full-year operating revenue has been upgraded from $NZ1.2 billion as flagged in February, to $NZ1.24 billion.
The dual-listed firm's full year profit outlook has also been upgraded from a range of $NZ260 million to $NZ270 million, to between $NZ275 million and $NZ280 million.
Fisher and Paykel Healthcare's results for the year ended March 31 are due on May 28.
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