F & P Finance appoints da Silva as chairman
BUSINESSDESK: Fisher & Paykel Finance, the lending unit of Fisher & Paykel Appliances, has appointed Carlos da Silva as its new chairman.
He replaces John Gilks, who retired last week, having already stepped down from the board of F&P Appliances last year. Mr Da Silva joined the finance company's board as an independent director at the end of 2010.
The finance unit increased its normalised operating profit 8.9% to record $37.8 million in the year ended March 31, propping up the ailing whiteware business that has struggled with a weak retail market.
F&P Appliances says it wants to build on its relationship with department store Farmers to grow the business and will seek new retail channels in health and agriculture.
The lending unit had net finance receivables of some $594 million and some $111 million in debenture stock as at March 31.