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ResMed Inc (ASX:RMD, NYSE:RMD) has blamed currency exchange movements for an 11 per cent fall in its quarterly profit, offsetting stronger revenues.
In the first quarter of the 2012 financial year the manufacturer and distributor of medical equipment reported a net profit of $54.3 million.
In the same period the company generated a 12 per cent increase in net revenues, coming in at $301.4 million
CEO Peter Farrell says revenue in the Americas rose 9 per cent and outside the Americas revenue was up 15 per cent in the quarter compared with the same time one year earlier.
In the 2011 financial year ResMed reported a net profit of $211 million.
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