Fisher&Paykel Healthcare has reported a 54 percent fall in half year net profit to $16.9 million, with the fall mainly due to unfavourable exchange rate movements and a one-off non-cash deferred tax charge.

Before the deferred tax charge of $11.7m, net profit for the six months to the end of September was $28.6m, compared to $37m a year earlier.

Operating revenue was down 3 percent to $245m, with the company announcing an unchanged 5.4c per share interim dividend.

Strong growth was being seen in the respiratory and acute care product group and there had a been a "positive" response to the company's new ICON flow generator range, to be used for the treatment of obstructive sleep apnea (OSA), Healthcare said today.

Chief executive Michael Daniell said underlying revenue growth was expected to increase substantially in the second half in the OSA product group as ICON sales ramped up.

Strong underlying growth for consumables in the respiratory and acute care product group was expected to continue, he said.

With an average spot exchange rate of US77c for the NZ dollar for the rest of the year, F&P Healthcare estimated full year operating revenue of about $510m with net profit between about $60m and $63m, or between $48m and $51m after the one-off non-cash tax adjustment.