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Kyocera Corp today warned it would miss its profit forecast for the current fiscal year.

The Japanese manufacturer said it expected consolidated operating profit of 82 billion yen ($680 million) for the year ending March 2002, Reuters reports.

It had previously forecast 170 billion yen.

"There is no let-up in the retreat in the US economy and the slump in manufacturing activity in the electronics industry," the company said.

"And a recovery in demand in the mobile and fibre-optic communications markets in particular is expected to be slow in coming."

Kyocera's share price plummeted to 7,260 yen after the announcement - its lowest level in almost two years. ®

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