UPDATE 1-Mondadori net doubles as cost cuts help

* H1 net profit 15.1 mln euros, more than doubles

* Sees better margins in 2010 vs H1

* Shares up 1.6 pct, in line with sector (Writes through, adds detail)

MILAN, July 29 (Reuters) - First-half net profit more than doubled at Italy's biggest book and magazine publisher Arnoldo Mondadori Editore SpA (MOED.MI) as cost cuts helped outweigh lower sales, the company said on Thursday. Mondaodri, whose 72-year-old flagship Grazia weekly magazine is published in 10 countries outside Italy, said the slow recovery seen in the first quarter continued. It forecast better 2010 margins compared with the first half.

Mondadori, controlled by Prime Minister Silvio Berlusconi, said in a statement first-half net profit was 15.1 million euros ($19.8 million).

Revenue fell 0.5 percent to 730.7 million euros as sales of its books and advertising declined.

Mondadori shares were up 1.6 percent at 2.605 euros by 1116 GMT. The STOXX Europe 600 media index .SXMP was up 1.4 percent. (Reporting by Danilo Masoni) ($1=.7641 Euro)