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Analyst cuts forecast for slot maker

Wednesday, Nov. 19, 2003 | 9:47 a.m.

SYDNEY, Australia -- Aristocrat Leisure Ltd. the world's second-largest slot machine maker, today had its profit forecast cut by Merrill Lynch & Co., after Tuesday saying second-half earnings in Australia and the United States will fall.

Aristocrat will probably report a net loss of A$15.5 million ($11.2 million) in the year to Dec. 31, including A$37.2 million of charges, said Merrill Lynch analyst Paul Facey, who has a "neutral" recommendation on the stock.

Facey lowered his profit forecast before charges by 2.2 percent to A$21.7 million. He raised his estimates for the following two years by 3.6 percent and 4 percent on better-than-expected earnings in Europe.

Aristocrat shares fell 12 cents, or 6 percent, to A$1.88 at 10:59 a.m. today in Sydney, extending Tuesday's 16 percent decline. The stock has fallen 60 percent this year, the worst performance on the benchmark S&P/ASX200 index.

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