Mitubishi Estate H1 profit up 30% but cuts f'cast

TOKYO, Oct 31 (Reuters) - Mitsubishi Estate Co (8802.T), Japan's second-biggest property developer, reported a 30 percent rise in its half-year profit on Friday but trimmed its full-year outlook as the country's property market slows.

Mitsubishi Estate, which owns the U.S. Rockefeller Group as well as more than two dozen buildings in Tokyo's Marunouchi prime business district, had a group operating profit of 75.5 billion yen ($766.8 million) in the six months to September.

The results failed to match the company's own forecast of 80.5 billion yen profit. The developer had a profit of 58.3 billion yen a year ago.

Sales rose 37 percent to 434 billion yen.

Looking ahead, Mitsubushi Estate cut its operating profit forecast to 182.5 billion yen from 196.5 billion yen for the current year to next March 31 due to slow apartment sales in Japan and a weak real estate business in the United States.

Mitsubishi Estate's shares have fallen about 40 percent so far this year, slightly outperforming a 47 percent plunge in Tokyo's real estate industry subindex .IRLTY.T.

(Reporting by Mariko Katsumura)