UPDATE 1-Cochlear lowers earnings forecast, shares slip

* Core earnings seen up 12 pct, lowered from 15-20 pct.

* Cochlear shares fall 3 percent in rising wider market

* Reports foreign exchange contract loss of A$17 million (Adds detail, shares)

SYDNEY, July 14 (Reuters) - Australian hearing implant maker Cochlear Ltd (COH.AX) downgraded its earnings forecast for fiscal 2009 on Tuesday after taking a loss in the foreign exchange market, sending its shares down as much as 3 percent.

Cochlear said it now expects core earnings to rise 12 percent to A$137.7 million for the year to June 30, down from a previous forecast for 15-20 percent growth given at its half-year results in February.

The company, which generates a large part of its sales in foreign currency, said it had taken foreign exchange contracts losses of A$17 million in the latest fiscal year, compared with profits of A$21.3 million in the previous year.

Its shares fell 2.6 percent to A$53.88 at 0109 GMT, off an earlier near two-month low of A$52.64, while the broader S&P/ASX 200 index .AXJO gained 2.2 percent.

Net profit after tax in fiscal 2009 was seen rising by 13 percent to A$103.5 million, the company said. ($1=1.275 Australian Dollar) (Reporting by Mette Fraende; Editing by James Thornhill)