Downgrades up on earnings slide

Earnings growth slipped in FY 2012, and one in three companies now face downgrades.

PORTFOLIO POINT: The number of earnings downgrades exceeded upgrades by almost three to one in August. Brokers have cut back their earnings forecasts for 2013.

The August reporting season has sent a clear signal investors of more tough times ahead, with an avalanche of corporate profit downgrades for FY 2013 having now ripped through the Australian market.

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