Cochlear (ASX:COH) net profit increase of 23%

Company News

by Rachael Jones

Hearing implant manufacturer Cochlear's (ASX:COH) reported net profit increased by 23 per cent to $157.7 million and includes $25.0 million in non-cash after-tax gains from the revaluation of innovation fund investments.

Reported sales revenue up 9 per cent to $777.6 million from the same corresponding period.

For FY20, Cochlear expects to deliver underlying net profit of $270-290 million, that’s a 2-9 per cent increase on underlying net profit for FY19.

The guidance outlook was reduced from $290-300 million on 11 February due to an expected impact from coronavirus.

Interim dividend to increase 3 per cent to $1.60 per share.

Shares in Cochlear's (ASX:COH) are trading 1.68 per cent lower at $230.62.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.