Safran core H1 operating income falls 0.9 pct

PARIS, July 28 (Reuters) - Aero engine maker Safran reported a 0.9 percent dip in core first-half profit on Friday as it carries out a product switch between its best-selling CFM56 engine and the new LEAP.

The French company, which recently sold its security business and won backing from its shareholders to go ahead with a reduced offer for Zodiac Aerospace, said ongoing operations were clouded by weaker propulsion earnings.

Recurring operating income fell to 1.218 billion euros ($1.42 billion) from 1.230 billion, dragging the operating margin 0.2 percentage points lower to 15.2 percent, Safran said in a statement.

Revenues grew 0.6 percent or 2.4 percent on an underlying basis to 8.038 billion euros. The company reaffirmed targets.

Analysts were on average expecting an operating profit of 1.201 billion euros on revenues of 8.086 billion, according to Thomson Reuters I/B/E/S consensus data.

($1 = 0.8557 euros) (Reporting by Tim Hepher, Cyril Altmeyer; Editing by Sudip Kar-Gupta)