UPDATE 1-Interpublic posts wider loss on higher revenue

(Adds details, share move)

NEW YORK, Nov 1 (Reuters) - Interpublic Group (IPG.N) on Thursday reported a wider third-quarter loss, hurt by higher salary expenses and tax provisions that offset improved revenue growth from its advertising clients.

The parent company of ad agencies like DraftFCB and McCann-Erickson posted a net loss applicable to common stockholders, which includes dividends on preferred stock, of $28.8 million, compared with a year-earlier loss of $8.2 million.

Net loss per share was 6 cents for the third quarter, compared with a loss of 2 cents a year earlier.

IPG, which has been working to convince investors it has overcome past client defections and accounting problems, said revenue rose to $1.56 billion from $1.45 billion.

Organic revenue, a closely watched benchmark that excludes the impact of foreign currency and recent acquisitions, also rose, climbing 5.7 percent in the quarter.

That compares organic revenue growth at rivals Omnicom Group (OMC.N) of 7.4 percent and WPP (WPP.L) of 5.1 percent for the period.

While IPG has been picking up new accounts, it has also lost some key work, including the Buick and GMC accounts as well as some work for Johnson & Johnson (JNJ.N).

IPG said on Thursday that it expected to post operating margins of 8.5 percent to 9 percent in 2008.

Shares of Interpublic fell about 8 percent in the third quarter. The stock was down 3.4 percent at $10 in trading before the market opened from Wednesday's close of $10.35 on the New York Stock Exchange. (Reporting by Michele Gershberg)