UPDATE 1-Aspen says year earnings rise 10 pct

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JOHANNESBURG, Sept 16 (Reuters) - Africa's largest pharmaceutical manufacturer, Aspen Pharmcare Holdings (APNJ.J), reported a 10 percent rise in full-year headline EPS on Tuesday.

The South African company said headline earnings per share (EPS) for the year to end June stood at 231.3 cents. Revenue for the period was up 21 percent at 4.9 billion rand ($600.6 million).

Operating profit rose 14 percent to 1.23 billion rand and earnings per share increased 19 percent to 245 cents.

Headline EPS, which strips out capital, non-trading and some extraordinary items, is the key profit measure in South Africa.

Shares in Aspen fell 2.61 percent to 42.61 rand by 1153 GMT in line with the JSE All Share index which was down 3.05 percent.

Aspen said its South African business increased its revenue by 15 percent to 3.7 billion rand. Its international operations reported a 48 percent rise in revenue to 1.23 billion rand.

As part of its international expansion strategy, Aspen invested 1.5 billion rand in the oncology franchise in Latin America and in East Africa.

Aspen entered into a deal with the world's second largest drugmaker, GlaxoSmithKline Plc (GSK.L), in July to pave the way for the sale of cheap branded generic medicines in emerging markets.

The company said its board has decided not to distribute capital to shareholders because the of the group's higher gearing levels and capital expenditure programme. (Reporting by Gugulakhe Lourie; Editing by Quentin Bryar)