Fisher & Paykel warns of FY10 loss

Fisher & Paykel Appliances (ASX:FPA) has warned that higher than expected competition and continuing depressed markets in the USA is likely to force it to swing to a loss.

The company said it expects to post a net loss of $2-5 million for FY2010.

North American sales are expected to shrink to 12% lower than Fisher & Paykel expected when it released its projections on May 27.

The company now expects its pre-tax earnings to be $19 million to $24 million below the $87.7 million it had predicted.