UPDATE 1-Australia's Symbion H1 up on pharmacy strength

By Sonali Paul

MELBOURNE, Feb 15 (Reuters) - Symbion Health Ltd SYB.AX, close to being taken over by Primary Health Care Ltd (PRY.AX: Quote, Profile, Research, Stock Buzz), reported an 11.3 percent rise in first-half profit, boosted by its pharmacy business, which Primary plans to sell.

After 13 months of fighting off bids from Primary, and being thwarted twice on plans to team up with private hospital operator Healthscope Ltd (HSP.AX: Quote, Profile, Research, Stock Buzz), Symbion's board agreed this week to a A$2.7 billion takeover offer from medical centres group Primary.

Symbion said on Friday its net profit before one-off items for the six months to December rose to A$52.2 million ($47 million) from A$46.9 million a year earlier, about A$1.3 million below analysts' forecasts, according to Reuters Estimates.

Earnings at its pharmacy business grew 37 percent to A$31.5 million as it won customers from rivals Sigma Pharmaceuticals Ltd (SIP.AX: Quote, Profile, Research, Stock Buzz) and API Ltd (API.AX: Quote, Profile, Research, Stock Buzz).

Symbion said it was on track to achieve at least 10 percent growth in earnings before interest and tax this year, after earnings grew 13 percent in the first six months.

Symbion Managing Director Robert Cooke said Primary Managing Director Ed Bateman may not be able to extract the same growth Symbion's management had achieved without changing the way it runs the business.

"The guy's got a really successful track record. But what I'm saying is this is a different business model. This is a more complex organization. Time will be the judge," he told Reuters. ($1=A$1.11) (Editing by James Thornhill)