Shares dive at Phonak
Shares in the Swiss hearing systems maker Phonak have dropped sharply on news that the company expects lower net earnings.
Phonak said in a statement it was cutting its guidance for the results for 2001/2002 due to market pressures and restructuring costs.
Shares in the company, which is based just outside of Zurich, were down 23.4 per cent in early trading on the Swiss Stock Exchange to SFr27.
Phonak said it expected net earnings of SFr72-77 million ($45.3 million), or some 70 per cent of the previous forecast.
Sales are seen at SFr575-580 million, which is about four per cent below the forecast but still 25 per cent ahead of the previous year.
Phonak is taking SFr12 million in restructuring costs related to the integration of Canada’s Unitron.
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