Phoenix Mecano Falls as It Warns of Lower Profit: Zurich Mover

Phoenix Mecano AG (PM) sank the most in four months in Zurich trading after the maker of keyboards and connectors cut is forecast for earnings before interest and tax this year to 32 million euros to 37 million euros ($48 million).

The stock dropped as much as 6.80 percent and traded 6.2 percent lower at 455 Swiss francs at 10:51 a.m. local time. Phoenix, based in Kloten, Switzerland has lost 7.1 percent this year, giving it a market capitalization of 445 million Swiss francs ($479 million).

The company will book costs of six million euros to eight million euros after losing a contract to supply photo-voltaic components to a major customer, forcing a downgrade of its earlier Ebit forecast of 43 million euros to 53 million euros, Phoenix said in a statement.

Sales could fall by around 25 million euros in 2013, as the photo-voltaic industry bottoms out, the company said. Phoenix will release more details on its current business performance in a trading update on November 5.

To contact the reporter on this story: Patrick Winters in Zurich at pwinters3@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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