Auckland-based appliances Company, Fisher&Paykel are back in the green and have reported profit despite demand remaining weak. There is also fear that the situation on this front is not going to improve very much either.

The company saw a profit of $11.3 million for the six months ending September which it managed after posting a loss of $82.4 million for the same period last year. They say that the reason behind this was the fall in value of assets.

Post the declaration, shares went down by 6 per cent to end at $550 million. Fisher$Paykel also said that there is a growing competitive environment in New Zealand and that is what is reducing demand for them.

In two of its biggest markets- US and New Zealand, it saw a drop in sales and demand for its dishwashers and washing machines. On the other hand, the finance arm was able to show double digit earnings.

During the announcement, Chief executive Stuart Broadhurst said that they expect the consumer spending to be less. But the company will try to maintain status quo through reduction on costs and also increase in revenue.