* H1 net profit 255 mln Swiss francs, vs forecast 285 mln
* Confirms full-year targets
* Sees growth in business from mining sector
* Shares fall nearly 4 percent
(Recasts lead, adds comment, business detail, shares)
By Sam Cage
ZURICH, July 15 (Reuters) - SGS, the world's largest inspection services company, missed first half profit forecasts but still aims to hit its 2009 targets, helped by an expected upturn in the mining industry.
First-half net profit fell 33 percent to 255 million Swiss francs ($235 million), the firm said on Wednesday, 30 million less than consensus estimates from a Reuters poll as results at its minerals unit lagged expectations, driving its shares lower.
SGS, which tests soil quality, screens for genetically-modified seeds, checks the safety of toys and inspects London's black cabs, envisaged opportunities for acquisitions in 2009 as the economy stabilised.
But market conditions were expected to remain "a bit challenging for the rest of the year," Chief Executive Chris Kirk told reporters in Geneva. "I guess you are going to hear that from all reporting companies in the next few days."
SGS, which reports figures only every six months, appeared to have experienced a substantially weaker second quarter than first, said Kepler Capital Markets analyst Roger Steiner. Investors were disappointed by the performance of the unit that checks standards and materials for the mining and minerals industries, as the global economic slump hit trade flows and companies drew down inventories.
SGS expects those markets to hit bottom in the second or third quarter as inventories fall and industrial production picks up.
Global diversified miner Rio Tinto on Wednesday reported an 8 percent rise in second-quarter iron ore production from a year earlier but said its markets remained tough.
SGS shares fell 4.1 percent to 1,250 francs by 0924 GMT, compared with a 0.4 percent gain in the Swiss mid-cap index.
BALANCED BUSINESS
The Geneva-based group trades at 15 times forecast 2010 earnings, a premium to smaller rivals Intertek and Bureau Veritas thanks to its balanced business, most of which is non-cyclical, and wide geographical spread.
First half sales at SGS, which checks the quantity, weight and quality of a variety of traded goods for governments and companies, rose 1 percent to 2.3 billion francs, also behind forecasts.
It had been expected to post first-half net profit of 285 million francs and sales of 2.5 billion, according to a Reuters poll.
But overall, the figures "reflect the resilience of the company's business model in the current tough economic context," said Vontobel analyst Michael Foeth.
Results from a year ago were boosted by an exceptional 113 million franc gain after the group resolved a billing dispute with the Philippines government.
(Additional reporting by Laura MacInnis in Geneva; Editing by Dan Lalor, John Stonestreet)
($1=1.083 Swiss francs)