Methven issues profit warning

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Falling construction activity, notably in Australia, and international financial instability have prompted tapware company Methven to revise downwards its earnings outlook for the 2011-12 year to March 31.

The company now expects a full year profit of $6-$8 million, compared with a net profit forecast of $9 million made in July.

This compares to the prior year's reported profit of $4.7 million, or $6.7 million before one-off items.

For the half year to September 30, Methven said its net profit was expected to be down by around 25 per cent to $3.2 million.

Shares in Methven closed down 13c at $1.22.