Hearing implant maker Cochlear Ltd
(ASX:COH) has cut its expectation for core earnings, saying it expects to report a 12 per cent rise to $137.7 million, after forecasting growth of 15 to 20 per cent in February.
The company says it expects net profit after tax to grow 13 per cent to $130.5 million in fiscal 2009.It also anticipates total revenue of $695 million for the year, growth of 15 per cent.
Cochlear says implant unit sales of 18,461 rose 2 per cent, however it made no donation sales to China after selling 700 units in 2008.
In an update on its financial year results the company says it has lost $17 million on foreign exchange contracts in fiscal 2009, compared to a profit of $21.3 million in 2008.
Cochlear says it will provide more detailed information on its fiscal 2009 results when it presents its full year results review on August 11.
Cochlear’s net profits have been increasing year on year for the past four years.
