Hearing implant maker Cochlear may have beaten analyst forecasts with a 16% rise in first-half net profit on an 8% rise in sales, but it couldn't win over a suddenly sceptical market yesterday.

The shares jumped by more than 1.4%, or $1.10, to $78.60, before losing the lot in the trading from around 11 am to close down $1.32, or 1.7%, at $76.18.

The market ignored the better result, positive outlook and an 11% rise in interim dividend to $1.05 a share from 95c in the first half of last financial year.

The rise in sales and profits came mostly from higher sales of its new Nucleus 5 device.

Cochlear said net profit rose to $87.2 million in the six months to December 31, from $75.25 million a year earlier.

The result beat analyst expectations for earnings of $83.6 million, according to the average of three forecasts. But other analysts reckoned the result fell short of their guesses.

Stripping out