* BAM 9-months results
* Thursday, Nov 27, 0700 GMT
* Net profit seen at 194 million euros, focus on outlook
By Aaron Gray-Block
AMSTERDAM, Nov 24 (Reuters) - Dutch builder Royal BAM Groep is expected to report on Thursday flat nine-month net profit, but the focus is squarely on the company's outlook amid the swiftly deteriorating economic climate.
The company is seen reporting net profit attributable to shareholders of 194 million euros ($243 million), according to the average forecast from a Reuters survey of six analysts. Estimates ranged from 184 million to 201 million euros.
BAM, the largest Dutch construction group, reported net profit of 192.6 million euros in the same period last year.
At its first-half results in August, BAM raised its 2008 profit outlook to at least 260 million euros.
Petercam analyst Paul Linssen said that although he expects BAM to reiterate the outlook this week, it doesn't exclude a change in the business environment.
"In the past few months, the economic climate further worsened and we therefore anticipate a cautious tone from management," Linssen said in a note.
The Dutch construction organisation EIB warned recently that residential and non-residential construction would see a 10 percent decline in production in 2009 and 2010.
Analysts at SNS Securities also expect a strong impact on order intake for both BAM and its Dutch rival Heijmans, noting that both residential and non-residential project developers are cancelling more and more plans.
Heijmans, which is uncertain of meeting its full-year debt covenants after a series of profit warnings, said in October second-half sales had come under pressure due to reduced house sales and a more selective contracting policy.
But Petercam, which rates BAM "add", said BAM's business diversity and geographic exposure, with operations in Belgium, the UK, Ireland and Germany, makes its less vulnerable to weakness in one area or segment.
BAM shares have fallen about 60 percent since its inclusion in the Amsterdam blue chip index at the start of September, while the AEX has fallen 46 percent.
It trades at 2.4 times forecast 2009 earnings, compared with Heijmans' 4.6 times and Ballast Nedam's 4.7 times.
Following is a breakdown of analyst forecasts in millions of euros:
Average Range Previous No of
f'casts 9-mths Sales 6,514 6,301-6,671 6,424 6 9-mths Net Result 194 184-201 193 6