AMSTERDAM, July 31, 2008 (AFP) - Dutch publishing group Reed Elsevier reported on Thursday a 17-percent drop in first-half net profit to 384 million euros (642 million dollars) but operating profit rose 12 percent.

Revenue was also down four percent to 2.541 billion euros.

Reed, which counts the Lancet medical journal and New Scientist magazine among its 15,000-plus publications, also said that in pound sterling terms net profit was almost unchanged at 310 million pounds against 312 million for the first half of 2007.

By the same calculation revenue rose 10 percent to 1.97 billion pounds.

Operating profits rose to 557 million pounds (718 million euros), in line with analysts' expectations.

Reed Elsevier said the sale of US education division Harcourt had brought shareholders 2.7 billion euros, while the disposal of Reed Business Information had aroused great interest.

The acquisition of insurance data provider Choicepoint, for 2.1 billion dollars (2.7 billion euros), announced in February, should be completed in the second half of the year.

A restructuring programme aimed at saving 245 million pounds (310 million d'euros) over four years, should economise 15 million pounds this year, the company said.