Despite posting an increase in its net profit in the first half of 2009, Sonic Healthcare couldn't live up to the analysts' expectations.

However, the company said that it is satisfied with the 10-15% rise in its profits in 2009. "Sonic Healthcare has performed very strongly over the half year, and we are on track to deliver on our full-year guidance", said Sonic's Chief Executive, Colin Goldschmidt.

As reported in the afternoon, Sonic's shares were down by 41%.

"We expect the strong revenue and earnings to continue (and) we expect additional synergies through acquisitions" said Mr. Goldschmidt.

Andrew Goodsall, a UBS analyst, said that the results depicted an impact of foreign exchange and currency hedging on Sonic's earnings in five different currencies.

The group's revenue from ordinary activities was calculated to be $1.49 billion for the second half of 2009.

Mr. Goldschmidt explained that despite the cut in the Government rebates, last year, sonic managed to remain on track.