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Fisher & Paykel Appliances' share price was starting to claw back some of the ground it lost after its profit downgrade a few weeks ago when it took another knock this week.

The whiteware manufacturer's share price dropped 9c to $3.28 on Thursday and then another 8c yesterday to $3.20.

This was the lowest close in nearly two years. The company faces tough times in the Australasian market and is struggling with the impact of changes in currency and raw materials.

It has also had to raise its prices 6 per cent in the US (along with other whiteware retailers), citing increasing steel and plastic costs - although the New York Times paid it a backhanded compliment by saying F&P was "a cult company" there.

However, the issue of rising raw material costs is not likely to go away anytime soon because of the global market being driven by an extremely hungry China.

The stock has lost 79c since the company said on February 2 that it was expecting a full-year net profit of between $63 million and $68 million, compared with the $75 million to $78 million previously forecast.

That day, the shares fell 49c to close at $3.50 as 7.8 million shares changed hands, wiping $130 million from its market value.