Australia's Seek H1 profit rises 49 percent

SYDNEY, Feb 19 (Reuters) - Australia's leading online job advertising firm Seek Ltd (SEK.AX: Quote, Profile, Research) beat forecasts with a 49 percent rise in first-half profit, helped by increased advertising volumes and new product launches.

Seek said net profit for the six months to December was A$35.6 million ($32.7 million) from A$23.9 million a year earlier.

Five analysts had on average expected net profit of around A$32.8 million, according to Reuters Estimates.

Seek, which listed in April 2005, has benefitted from rising online job advertisements in Australia's increasingly tight labour market. Seek says over 200,000 job ads are posted on its Web site each month.

"We anticipate strong top and bottom line growth for FY08 and expect the ongoing migration of employment advertising from print to online to continue," said joint Chief Executive Paul Bassat.

Seek is chaired by James Packer, one of Australia's richest men, who last year separated his late father Kerry's media business from gaming to better focus on building up the gambling operations.

The group is 27 percent owned by the Packer-backed Consolidated Press Holdings.

Seeks's share price has retreated in recent months, losing around 35 percent since it hit a high of A$9.48 in October. The stock closed at A$6.16 on Monday. ($1=A$1.09) (Reporting by Ben Wilson; Editing by James Thornhill)