* Q2 core profit down 40 percent, beats consensus forecast
* Says profitability plan on track, markets to stay weak
* Targets 2009 organic project investments of NOK 150 million
* Shares rise 9.5 percent
(Adds details, analyst comment, share price)
OSLO, Aug 14 (Reuters) - Norwegian media group Schibsted ASA reported a smaller-than-expected fall in second-quarter core earnings, sending its shares up sharply, but said printed classified ads markets would stay weak.
Earnings before interest, tax and amortisation fell to 218 million Norwegian crowns ($36.25 million) in April-June from 365 million a year ago, easily beating the average forecast of 114 million crowns in a Reuters poll of 10 analysts.
"Overall these are very positive results," analyst Henrik Schultz at Argo Securities, said, adding he would consider raising his recommendation on the stock from his current neutral stance while still expecting a "weak result" for the full-year.
Shares in Schibsted rose 9.5 percent to 81 crowns at 0740 GMT against a 0.8 percent rise on Oslo's main index and a 0.2 percent rise for European media stocks.
Schibsted, the publisher of best-selling Norwegian tabloid VG and the Oslo paper Aftenposten, has increased its exposure to online publishing in Norway and abroad.
"Online media are also affected by the poor economic situation but are expected to continue strengthening their relative position," Schibsted said in a statement.
"In Scandinavia, the printed classified ads market is expected to continue to be weak, and this is a market that Svenska Dagbladet, Aftenposten and other print newspapers in Media Norge are particularly exposed to," Schibsted said.
PROGRAMME ON TRACK
Schibsted said its ad revenues hinged on economic developments, which indicate "a movement towards a certain levelling out" during the rest of 2009, though with large variations between its different markets.
"Weak macroeconomic framework conditions will contribute to poorer developments for online operations compared to the levels of the past few years," said Schibsted.
The company said its 1 billion crown cost-cutting programme for 2009 was on track and had a 250 million crown effect in the second quarter. The company shed 430 jobs in 2009.
Schibsted said it would continue to investment in online growth and spend 150 million crowns on organic projects in 2009. ($1=6.014 Norwegian Crown) (Reporting by Oslo newsroom; Editing by Will Waterman and Jon Loades-Carter)