France Telecom first half net profit falls 18 pct.

France Telecom SA on Thursday reported a 18 percent drop in first-half net profit as tax and financing costs increased.

France's dominant telecommunications operator said net profit in the six months through June fell to euro2.7 billion ($4.21 billion) from euro3.3 billion.

Revenues advanced 1.5 percent to euro26.3 billion ($41 billion) in the first half.

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In the second quarter the increase in sales was 1.6 percent to euro13.3 billion ($20.73 billion).

The company did not break out separate quarterly profit figures.

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France Telecom said it expects continued revenue growth despite an expected slowdown in some countries during the second half.

"Continuing steady growth, which exceeds that of our markets, accompanies ongoing improvement in our operating profitability, enabling us to confirm all our objectives for 2008, despite signs of a slowdown in the economic situation of some countries," Chief Executive Didier Lombard said in a statement.

The company said it confirms its full-year target of generating more than euro7.8 billion ($12.16 billion) in organic cash flow.