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UPDATE 1-Omega H1 core profit up 1 pct, repeats 2008 outlook

Thu Aug 28, 2008 12:17pm EDT

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BRUSSELS, Aug 28 (Reuters ) - Belgian health products distributor Omega Pharma (OMEP.BR) reported a 1 percent rise in first-half core profit on Thursday, slightly better than expected, and repeated its full-year sales forecast.

The company, which sells non-prescription products to pharmacists, said recurring EBITDA (earnings before interest, tax, depreciation and amortisation) reached 75.1 million euros ($111.1 million).

A Reuters poll of five analysts had produced an average forecast of 71 million euros.

Recurring net profit also rose 1 percent to 41.7 million euros, against the analyst mean estimate of 38 million euros.

The company also repeated its forecast of like-for-like sales growth of 3 to 7 percent this year. Omega has previously said this forecast depended on legislation affecting generic medicines in Belgium.

Last month, Omega reported a 5 percent increase in second-quarter sales, well above expectations. It said then that sales growth in the second half of 2008 would be "limited yet continuing".

Analysts feared that the sales growth in the second quarter was the result of higher marketing costs, which would have hit the bottom line.

Omega has repeatedly disappointed with sales and earnings figures in recent quarters and demoted its chief executive in March following its 2007 results. (Reporting by Philip Blenkinsop)



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