Kyocera posts profit warning

Share price plummets

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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