F&P Appliances forecasts earnings rebound

Fisher & Paykel Appliances Holdings Ltd, New Zealand's largest maker of refrigerators, forecasts operating earnings will rebound as much as 59 percent this year on new products and sales in China.

Earnings before interest and tax will be between NZ$70 million ($57 million) and NZ$78 million in the year ending March 31, compared with NZ$49.1 million a year earlier, the Auckland-based company said in a statement. Profit slumped 16 percent last year because of weak demand.

F&P is developing new washing machines, refrigerators and ovens, and is adapting its DishDrawer washer for the China market in association with 20 percent shareholder Haier Corp, CEO Stuart Broadhurst said in notes for a speech to shareholders on Thursday. The company is targeting as much as 4 percent-a-year revenue growth from its appliances unit by 2016.

The company hasn't paid a dividend since 2009, but intends to resume distributions this year, it said.