UPDATE 1-Hungary's Egis Q4 net profit more than doubles

*Q4 net profit 5.88 bln forints ($28.14 mln)

*Beats 4.28 bln analysts' forecast

*Shares closed up 1.6 pct before results announced (Updates with detail)

BUDAPEST, Nov 10 (Reuters) - Hungarian drug maker Egis's EGIS.BU fourth-quarter net profit more than doubled, beating expectations, on exchange rate gains and the sale of a Polish subsidiary, the company said on Monday.

Unconsolidated fiscal fourth-quarter net profit rose to 5.88 billion forints ($28.14 million) from 2.48 billion a year earlier and well above analysts' expectations for 4.28 billion forints in a poll by news portal Portfolio.hu.

Sales rose by 5.2 percent, as a 10 percent export growth offset a domestic sales drop. But operating costs rose much faster, resulting in a 10 percent fall in operating profit.

Sales to Russia and the Commonwealth of Independent States, the company's biggest export market, rose by 13 percent in dollar term while sales in Central Europe were up by 54 percent.

Foreign exchange gains and the one-off gain from Polish divestment boosted the company's bottom line by 4.53 billion forints.

Egis sold its 24.3 percent stake in Anapharm in February and received some cash as well as trade-marks and know-how of the Polish company's generic products. The impact of the deal, including the financial profit from both the equity sale and the value of the acquired portfolio boosted fourth-quarter figures.

But the company added that the Polish deal also resulted in a 1 billion forint quarterly expense in the form of research portfolio depreciation, which was accounted under operating costs and was the chief factor behind rising operating expenses.

Financials were also boosted by the Hungarian forint's sharp drop versus the euro and the dollar, which boosted the company's exchange rate gains on outstanding receivables.

(Reporting by Balazs Koranyi; Editing by David Cowell and Erica Billingham)