UPDATE 2-World Acceptance Q2 profit misses analysts' estimate

* Q2 EPS $0.65 vs estimate of $0.67

* Loan-loss provision up 27 pct to $23.3 mln

* Total general and administrative expenses rise 15.5 pct

* To remain cautious in its short-term share repurchases

* Shares down 23 pct (Adds conference call details, share movement)

Oct 23 (Reuters) - Consumer finance company World Acceptance Corp (WRLD.O) reported second-quarter profit below analysts' estimates, hurt by a rise in provision for bad loans and expenses, sending its shares down as much as 23 percent.

In a conference call with analysts, Chief Executive Sandy McLean also said the company will remain cautious in its short-term share repurchases, to ensure the availability of adequate funding for its loan portfolio as it enters its busiest loan-production period.

"The company considers share repurchases to be an important part of its long-term strategy," he said.

During fiscal 2008, the company repurchased about 1.4 million shares for $41.9 million and during the most recent quarter it bought back 182,700 shares for $6.2 million.

World Acceptance, which offers loans to individuals with limited access to credit, does not expect immediate impact on its growth from the current state of unemployment.

"Our customer base lives in very difficult economic times all the time, if they get laid off at one place they can generally go and find another job elsewhere," Chief Executive Sandy McLean said. Most of the company's customers hold service-related jobs in industries like construction and restaurants.

Net income was $10.7 million, or 65 cents a share, for the second quarter ended Sept. 30, compared with $10.5 million, or 60 cents a share, a year earlier. Revenue rose 14 percent to $91.7 million.

Analysts on average expected the company to earn 67 cents a share, before special items, on revenue of $91.8 million, according to Reuters Estimates.

Provision for loan losses jumped 27 percent to $23.3 million. Net charge offs as a percentage of average loans rose to 17 percent on an annualized basis from 15.3 percent a year earlier.

"We do not expect to see our loss ratios improve for the remainder of the fiscal year," McLean said in a statement.

Total general and administrative expenses rose 15.4 percent due to higher costs to support 90 new offices opened or acquired since Sept. 30, 2007, the company said.

Shares of the Greenville, South Carolina-based company, were trading down $5.46 at $20.84 Thursday afternoon on Nasdaq. They touched a low of $20.29 earlier in the session. (Reporting by Adheesha Sarkar and Ratul Ray Chaudhuri in Bangalore; Editing by Deepak Kannan and Amitha Rajan)