Cochlear posts 16% jump in profit for FY11

The markets may be going into meltdown, with biotechnology stocks hit hard along with the rest, but that doesn’t mean companies can’t still turn a profit.

Cochlear (ASX:COH) may have shed more than 8% of its share price over the last week, but the underlying business shows signs of strength, with the company posting positive figures from the financial year 2010-2011.

Total revenues were up 10% to $809.6 million, with sales up 17% given constant currency at FY11 rates. Individual Cochlear implant sales were up 17% to over 24,000 units for the year.

Revenue from sales was up in all regions, including 3% in America, 1% in Europe and the Middle East, and 26% in Asia Pacific, although if it weren’t for currency movements, the sales revenues would have been significantly larger.

Net profit after tax was $180.1 million, up 16% year-on-year, with cash reserves at $9.4 million.

Cochlear also announced a final dividend of $1.20 per share, up 14% on last year, representing 10 years of continuous growth in dividends.

“This result was achieved in difficult global financial conditions and highlights the multiple growth drivers the business delivers across products and geographical spread. These drivers continue to stimulate long term sustainable growth,” said CEO & President, Dr Chris Roberts.

Cochlear (ASX:COH) shares have been hit by the market fluctuations, dropping a further $1.58 in morning trading to $64.45, down 2.4%.