Fisher & Paykel Finance's results shine
The finance company's absolute result, earnings before interest and tax (EBIT) of $34.7 million for the year ended March, also outshone the appliances business' $23.7 million EBIT.
The finance company's profit increase was despite gross receivables falling 2% to $628 million.
The finance company's managing director Alastair Macfarlane says there are three main reasons for the improvement, improved margins, lower operating costs and tight control of bad debts.
Net margin improved to 10.8% from 10.6% while operating expenses fell 5% and bad debt expense eased 1%.
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