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Australia's Cochlear FY net up 56 pct, misses f'casts

Published 11/08/2015, 09:48 am
Updated 11/08/2015, 09:56 am
© Reuters.  Australia's Cochlear FY net up 56 pct, misses f'casts
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SYDNEY, Aug 11 (Reuters) - Australian hearing implants maker Cochlear Ltd COH.AX posted a 56 percent gain in full-year net profit on Tuesday, helped by record sales and a depreciating Australian dollar but missing analysts' expectations.

Cochlear's net profit of A$145.8 million for the year to June 30 fell short of market expectations of A$155.5 million, according to Thomson Reuters I/B/E/S. Revenues jumped 15 percent to 925.6 million from a year ago.

The company expects net profit for the 2016 financial year of A$165-A$175 million at a foreign exchange rate of 75 cents. So far this year the Australian dollar AUD= has fallen more than 9 percent against the U.S. dollar to about 74 cents.

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