UPDATE 2-Safilo H1 net falls, cuts 2008 forecasts

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By Marie-Louise Gumuchian

MILAN, July 30 (Reuters) - Italian eyewear maker Safilo (SFLG.MI: Quote, Profile, Research) reported a fall in net profit of more than a third in the first half of the year, hit by a weak dollar, and cut its 2008 forecasts because of weak European markets.

Safilo, whose brands include Armani, Dior and Gucci, said in a statement net profit fell to 21.1 million euros ($32.89 million) from 33.3 million euros a year ago. Net sales fell to 637 million euros from 667.8 million euros.

"We believe that the European market will continue to remain weak even in the upcoming months and we are therefore looking to the second part of the year with greater caution," Vice Chairman and Chief Executive Officer Massimiliano Tabacchi said in the statement.

Safilo cut its forecast for sales growth for the year to around 4 percent at constant exchange rates from a previous forecast of 7 percent to 8 percent.

It expects EBITDA at around 13.5 percent to 14 percent of revenues, down from a previous estimate of about 15 percent. Net profit should be 3 percent to 3.5 percent of revenues, down from a previous forecast of 4.5 percent to 5 percent.

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