Fisher & Paykel Appliances Chairman Ralph Waters today expressed fears over the plunging economic conditions across all key markets across the world.

"If these concerns are realized, achieving the full year forecast will be challenging. The board will have a much clearer view on this matter at the time of the half-year announcement in November 2010", Mr. Waters posted in the annual shareholders meeting in Auckland held today.

The firm had marked a robust start to the current financial year and augured an earnings excluding interest and tax to hit the somewhere in the bracket of $NZ45 million ($A35.79 million) to $52 million, the Company officials told its shareholders at the annual meeting.

However, the Company’s finance business is witnessed to go well and is expected to hit the top end of a consensus bracket of $25m to $34m.

The appliances Company had been successful in increasing its gross margins by over 4.4% points; however, first quarter the Company witnessed its sales figure to mark a plunge of 11% compared to figures recorded for the same period the previous year.

The finance Company possesses the valor to efficiently work in all its financial deals without looking for any financial assistance from the debenture market.