MILAN, July 30 (Reuters) - Italian medical technology group Sorin said on Wednesday its adjusted net profit in the second quarter fell 16 percent to 10.8 million euros ($14 million) due to unfavourable exchange rates and investments in new initiatives.
In a statement Sorin, whose main factory in the north of Italy was seriously damaged by a big earthquake in 2012, said its sales in the period rose 1.6 percent on the year to 190.6 million euros.
The company said it expected sales to rise 2-4 percent at constant exchange rates in the third quarter compared to the same period a year ago.
It confirmed its targets for the full year. ($1 = 0.7470 Euros) (Reporting by Stephen Jewkes)