UPDATE 3-Elisa Q2 disappoints, shares hit 3-year low

(Adds details, shares, analyst)

HELSINKI, Aug 1 (Reuters) - Finland's second-largest telecoms operator, Elisa (ELI1V.HE), blamed weak results at its mobile unit for a fall in second-quarter profit which missed analyst forecasts and sent its shares to a three-year low on Friday.

Elisa shares fell as much as 14 percent after it reported a 6-percent fall in core profit for the April-June quarter.

Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding non-recurring items of 109 million euros ($170 million) were below all analyst forecasts in a Reuters poll which ranged from 113 million and 124 million euros.

The shares were down 9.24 percent at 12.38 euros at 1408 GMT, off a low of 11.72 euros not seen since May 2005.

"The figures were disappointing," said eQ Bank analyst Jari Honko. "Surprisingly enough Elisa has managed to sustain or even improve its market position, but this is bringing costs to the company and competition is fierce."

Elisa said it expects its profit margin to improve in the second half and reiterated its forecast for 2008 sales and operating profit at last year's levels.

Pohjola Bank analyst Kimmo Stenvall said he sees the targets as "achievable, but tough".

"The first half has been very poor compared to last year ... we are clearly behind," he said.