UPDATE 1-Molina Healthcare Q2 profit beats estimates

* Q2 EPS $0.41 vs est. $0.31

* Q2 rev $999.3 mln vs est $1.22 bln

Aug 4 (Reuters) - Health insurer Molina Healthcare Inc (MOH.N) reported a better-than-expected quarterly profit, helped by lower medical costs and expanded offering in its Medicaid management information systems.

The health insurer that specializes in Medicaid plans said net income for the second quarter was $10.6 million, or 41 cents per share, compared with $14.6 million, or 56 cents per share, a year earlier.

Total operating revenue rose about 8 percent to $999.3 million.

Analysts on average were expecting the company to earn 41 cents a share, on revenue of $1.22 billion, according to Thomson Reuters I/B/E/S.

"Our second-quarter results reflect improvement across our business despite a very difficult premium rate environment. Although a few states have provided rate increases, most states remain burdened by their budget shortfalls," Chief Executive Mario Molina said in a statement.

The company said 130,000 new members enrolled since the second quarter of last year.

Shares of the company closed at $31.71 Wednesday on the New York Stock Exchange. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Unnikrishnan Nair )