UPDATE 1-Ten Network H1 profit up 17 pct, outlook upbeat

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SYDNEY, March 27 (Reuters) - Ten Network Holdings Ltd (TEN.AX: Quote, Profile, Research, Stock Buzz), Australia's third-biggest television broadcaster, reported a 17 percent rise in first-half profit, buoyed by improved revenues and lower costs, and said it was gaining market share.

Ten, majority owned by CanWest Global Communication Corp (CGS.TO: Quote, Profile, Research, Stock Buzz), said its normalised net profit for the six months to Feb. 29 was A$86.86 million ($80 million).

It targets the 18-49 age group with programmes such as musical talent search Australian Idol and reality show Big Brother, but lags rival Seven Network Ltd (SEV.AX: Quote, Profile, Research, Stock Buzz) in overall ratings.

Ten shares were trading up 0.9 percent to A$2.24 in a broader market down 0.7 percent.

Ten said the television advertising market had been resilient in the face of the turmoil on global credit markets, and said it was set to better its 2007 earnings before interest, tax depreciation and amortisation in the current financial year.

That projection would depend on the influence of the Beijing Olympic Games, which will be screened on the rival Seven Network (SEV.AX: Quote, Profile, Research, Stock Buzz), on the advertising market, it added. ($1=A$1.09) (Reporting by James Thornhill)