* Sulzer H1 profit falls 2 percent to 156 million Sfr
* Beats average poll estimate of 125 million Sfr
* But sees sales, opg income and opg margin drop in 2009 * Shares rise 3 percent
(Adds shares, analyst comment, background)
By Katie Reid
ZURICH, Aug 24 (Reuters) - Swiss engineering group Sulzer posted a forecast-beating net profit on Monday, boosting its shares, but said it is bracing for lower sales and operating profit in 2009 due to a slowdown in the oil and gas sector.
First-half net profit at the group -- which makes pumps for the oil and gas industry and surface coatings for jet engines -- fell 2 percent to 156 million Swiss francs ($147 million).
That was above the average estimate of 125 million francs in a Reuters poll, although the result was helped by a 46-million-franc gain from the sale of a property.
"Sulzer's first-half figures clearly exceeded our and consensus estimates thanks to the (still) high workload level," said Vontobel analyst Fabian Haecki.
"However, this positive effect should start to diminish in the course of the second half as Sulzer is working efficiently through the order backlog."
At 0804 GMT, shares in Sulzer had risen 2.8 percent to 84.30 francs, adding to the 37 percent gained already this year and outperforming a 1 percent rise in the Swiss mid-cap index.
Sulzer also beat expectations with a 2 percent fall in sales to 1.7 billion francs as demand in its pumps unit held up, although order intake had slumped as customers turned more cautious about investing in new equipment.
CUTTING COSTS
Sulzer, which launched a cost-cutting programme earlier this year and has slashed 1,400 jobs, expects substantially lower order intake in 2009, while sales, operating income and operating margin are also seen falling compared with the very high levels of 2008.
The downbeat outlook contrasts with forecasts from British oil and gas services group Petrofac and Sulzer's rival Flowserve . Sulzer posted a 29 percent drop in first-half orders in July.
"The oil and gas as well as the hydrocarbon processing industries are expected to show clearly lower activity compared to the levels of 2008. Also, in the power generation market, project activity is projected to decrease," the group said.
Last week newly-elected chairman Juergen Dormann said he thought Sulzer could grow faster and that it was well-placed to go for acquisitions, adding he would not rule out merging parts of Swiss technology group Oerlikon with Sulzer.
Sulzer has been at the centre of long-term speculation it could merge with Oerlikon to form one of Switzerland's biggest industrial conglomerates.
Russian billionaire Viktor Vekselberg holds a 31 percent stake in Sulzer as well a controlling stake in Oerlikon through his holding company Renova. (Editing by Rupert Winchester/Richard Hubbard) ($1=1.059 Swiss Franc)