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Cochlear makes $77.7 m H1 profit

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AAP

2013-02-05

Hearing implants maker Cochlear has made a first-half net profit of $77.7 million after a record six months of sales.

The company said its net profit for the six months to December 31 rose to $77.7 million, compared to a $20.4 million loss in the previous corresponding period when it was forced to issue a costly mass recall of its bionic ear products.

Chief executive Dr Chris Roberts said the improved result was due to the healthcare company selling a record 13,672 cochlear implants during the six months.

"Cochlear implant sales grew 27 per cent on the previous corresponding period and 11 per cent on the second half of fiscal 2012, confirming our market leadership position," he siad.

However, despite the improved profit result, Cochlear's shares were $2.75, or 3.4 per cent, lower at $77.71 at 1023 AEDT.