UPDATE 1-King Pharma posts higher profit

(Adds details from results)

NEW YORK, Feb 28 (Reuters) - King Pharmaceuticals Inc (KG.N) said on Thursday fourth-quarter profit increased 16 percent, helped by lower administrative costs.

Net income rose to $43 million, or 18 cents per share, from $37 million, or 15 cents per share, a year ago when special items weighed on results.

Earnings were 46 cents per share, excluding restructuring charges and other special items. That was 1 cent ahead of the average expectation of analysts, according to Reuters Estimates.

Revenue rose 4 percent to $533 million, ahead of the $520 million expected by analysts.

Sales of its Altace blood-pressure drug fell 13 percent to $158 million, while sales of its muscle relaxant Skelaxin were basically flat at $114 million.

Altace is expected to see its sales plunge due to competition from cheaper generic versions of the drug after a court last year found King's patent to be invalid.

King last October said it would cut 20 percent of its work force, or about 520 jobs, after the Altace blow.

Sales, general and administrative expenses fell 29 percent to $164.3 million. (Reporting by Lewis Krauskopf; Editing by Derek Caney and Dave Zimmerman)