Recordati hikes 2008 dividend, sees profit rise

MILAN, March 3 (Reuters) - Italian pharmaceutical company Recordati SpA (RECI.MI) is proposing a 16 percent rise in its dividend and targets higher revenue and profit in 2009, the company said in a statement on Tuesday.

Recordati reiterated a February announcement that 2008 net profit rose 18 percent to 100.4 million euros ($127 million), adding it plans a 0.25 euros per share dividend on its 2008 results, up from 0.215 euro paid a year earlier.

"The sales in the first two months are substantially in line with the expectations for the entire year for revenues of about 750 million euros, operating profit of about 155 million and net profit of about 105 million," the company said.

In 2008, Recordati's operating profit was 144.7 million euros and revenue was 689.6 million.

Recordati said growth would be supported by acquisitions of new drugs and sales networks.

At 1422 GMT, the shares rose 3.5 percent to 4.057 euros, outperforming the Milan index Mibtel .MIBTEL, which fell 0.34 percent. (Writing by Nigel Tutt) ($1=.7906 Euro)