Pharmaceutical company CSL has warned that if the Australian dollar remains so strong it could impact profits by over 16%.
If the exchange rates of October 9 remain the same for the rest of the financial year, CSL expects profit of just $970 million to $1.07 billion for the present financial year, company chairman Elizabeth Alexander told investors today.
This compares to a projected $1.16 billion to $1.26 billion based on last year’s exchange rates.
Alexander said the group recorded a 63% increase in profit after tax last financial year, taking in $1.15 billion. Revenue increased 32% to $5.04 billion over the period.
The company has been meeting its sales projections this year, she added.