UPDATE 1-Elevator maker Schindler shares drop after profit warning
* Sees FY net at 500-550 mln chf vs prev f'cast 550-600 mln
* Q3 op profit down greater than f'cast 18.1 pct to 212 mln
* New outlook includes restructuring costs of some 25 mln
* Shares down 6 percent, hit 11-month low (Adds detail)
By Victoria Bryan
ZURICH, Oct 15 (Reuters) - Swiss elevator manufacturer Schindler cut its 2013 profit forecast again on Tuesday as weak currencies and overseas expansion took their toll on third-quarter results, sending its shares down 6 percent.
The group, which competes with ThyssenKrupp, Kone and Otis, said it now expected 2013 net profit of between 500 and 550 million Swiss francs ($551-$606 million), compared with an already-lowered forecast of between 550 and 600 million made in August.
It said third-quarter operating profit fell by a greater than expected 18.1 percent to 212 million francs, due to expansion measures, delays to cost cutting efforts, pricing pressure and because of weak currencies in markets such as the United States, Brazil, India and Australia.
Schindler estimated the currency hit at 11 million francs in the third quarter. "The negative impact of forex basically all materialised in the third quarter," said Chief Financial Officer Erich Ammann, speaking on a conference call with investors.
"A lot of currencies really tanked against the Swiss franc. Those countries that are affected represent quite a large portion of our total revenue, close to 30 percent."
Schindler, which took a 155 million franc writedown on its stake in Hyundai Elevator, also said the new outlook included restructuring costs of some 25 million to be taken in the fourth quarter.
Schindler shares were down 6 percent at an 11-month low of 124.9 Swiss francs at 0744 GMT. Rival Kone was also down 2 percent.
"Margins should go up next year but following this profit warning it is no longer clear that it can be the above 12 percent needed to bring the share price up," analysts at Vontobel wrote in a note.
Schindler's operating profit margin dropped to 9.7 percent in the third quarter, against 12.4 percent a year previously. ($1 = 0.9073 Swiss francs) (Editing by David Holmes)
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