UPDATE 2-SES H1 core profit flat, lowers 2008 forecasts

(Adds shares, analyst comment, conference call comments)

By Philip Blenkinsop

BRUSSELS, Aug 4 (Reuters) - European satellite company SES SESFg.LU (SESFd.PA) reported nearly unchanged first-half core profit on Monday, broadly in line with expectations, and reduced its full-year forecasts due to a weaker dollar.

SES, which sells transmission capacity to the likes of BSkyB, Canal Plus, Premiere and NBC, said EBITDA (earnings before interest, tax, depreciation and amortisation) edged up 0.4 percent to 550.2 million euros ($867.8 million).

The average forecast from a Reuters poll of six analysts was 548 million euros.

SES shares were trading down 2.3 percent at 1025 GMT, compared to the 0.68 percent rise of the DJ Stoxx European media index .SXMP in which it and main European rival Eutelsat (ETL.PA) are members.

Analysts said the figures, following 2007-2008 numbers from Eutelsat last week, confirmed that the market was solid. SES trades at a multiple of around 9 times 2009 EV/EBITDA, a shade above Eutelsat.

SES nevertheless lowered its forecast for 2008 revenue to between 1.568 and 1.598 billion euros and for EBITDA to between 1.08 and 1.11 billion. Its previous forecasts were 1.58 to 1.62 billion euros and 1.086 to 1.126 billion.

The new guidance was based on a euro of $1.55 from $1.50 before. The euro was just under $1.56 on Monday. SES said it had raised the bottoms of each range by 10 million euros.