UPDATE 3-Sonova sees strong Swiss franc hitting results

* 2010/11 net profit rose to 231 mln Sfr

* Up from restated figure of 217 mln Sfr in 2009/10

* Sees 10 percent forex hit to sales in 2011/12 * Sees slower H1 sales due to lower Advanced Bionics sales

* Shares fall 0.5 pct, sector index trades 0.4 pct lower

(Adds details from presentation, shares)

By Katie Reid

ZURICH, May 24 (Reuters) - Swiss hearing aid maker Sonova (SOON.VX) expects the strong Swiss franc to weigh on its earnings and sales growth this year and cautioned first-half sales would be slower due to lower sales of cochlear implants.

Net profit at the group for its year to end-March was 231 million Swiss francs ($261.5 million), up from the restated 217 million francs posted in the year-ago period, the group said on Tuesday.

Sonova said in a presentation obtained by Reuters it is expecting a 10 percent hit to sales in 2011/12 due to the negative currency effect, while earnings before interest, tax and amortisation (EBITA) are likely to be knocked by 60 million francs.

It is targeting an EBITA margin of 20 to 21 percent for its 2011/12 financial year, the group also said in the presentation. Its EBITA margin fell to 20.2 percent in 2010/11 from 28 percent a year earlier due to the strong Swiss franc and last year's recall of cochlear implants.

At 0812 GMT, Sonova shares were trading 0.5 percent lower at 84.60 Swiss francs, underperforming a 0.4 percent drop in the European healthcare index .SXDP.

Sonova is looking to regain investor confidence after its top management quit following an investigation into executive share sales ahead of a profit warning and the recall dented its performance. [ID:nLDE72T04Z]

The group said that although the Advanced Bionics implants -- pulled after malfunctions -- will gradually return to the market in Europe, the forecast for the hearing implants segment depended on the timing of re-entry into the U.S. market.

"We expect overall sales in 2011/12 to be slower in the first half of the financial year because of reduced sales by Advanced Bionics," Sonova said.

One Zurich-based trader said Sonova's outlook left a lot of questions unanswered.

"We all know that first half 2011/12, sales will be low because of Advanced Bionics problems and negative currency effect. And for the rest of the year, there is just hope," the trader said.

"All in all slightly negative for today. But as an investor, I would start buying the shares on a 80-85 francs level," he said.

The group's prospects are reasonably rosy thanks to demand from an ageing population for hearing aids and the gradual re-introduction of the cochlear implant, while it is also eyeing growth opportunities in countries like China and India.

Sonova, which has clinched the global top spot in the hearing aid market and competes with Germany's Siemens (SIEGn.DE) as well as with Danish companies GN Store Nord (GN.CO) and William Demant (WDH.CO), also expects solid sales and profitability to continue in hearing instruments.

Earlier this month, William Demant said it had gained market share and that it had delivered "very satisfactory" organic growth in its first quarter. [ID:nLDE6292CU]

Sonova had already announced that group sales had risen 7.8 percent in Swiss francs, while organic sales growth at its hearing instrument unit was 5.8 percent, ahead of estimated industry growth of 4 to 5 percent. ($1=.8832 Swiss Franc) (Editing by Hans Peters)