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UPDATE 1-Eiffage 2008 net down 9 pct, keeps dividend

Published 02/26/2009, 12:51 PM
Updated 02/26/2009, 12:56 PM
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* sees 2009 sales of 13.7 bln euros vs 13.23 euros for 2008

* full year net profit 301 mln euros

* keeps dividend at 1.20 euros/shr

(Adds details)

PARIS, Feb 26 (Reuters) - French construction firm Eiffage SA posted a 9 percent fall in full-year net profit which missed analyst forecasts and said the second half of 2008 was marked by a drop-off in growth across its units.

Eiffage, which competes against larger rival Vinci SA , had 2008 net profit of 301 million euros ($383.3 million) compared to 1 billion euros a year earlier.

Stripping out exceptionals, net profit in 2008 was 302 million euros, down 9.3 percent from 333 million euros a year earlier. This lagged an average forecast of 373.15 million euros from ten analysts polled by Reuters Estimates.

Eiffage, the builder of the Sydney Opera House and the world's tallest suspension bridge near Millau in France, said it was maintaining its dividend of 1.20 euros per share.

Its shares closed down 0.47 percent at 31.85 euros on Thursday, lagging a 1.78 percent rise in the CAC 40 <.FCHI>.

Eiffage said its strong positioning in France and the Benelux countries, adaptation measures in the Spanish peninsula and reinforced control structures would help boost revenue by 3.55 percent to 13.7 billion euros this year.

This would beat an average forecast of 13.5 billion by 12 analysts polled by Reuters.

It said 2008 sales rose 5 percent to 13.23 billion euros from 12.596 billion euros a year earlier, thanks to its solid position in France, particularly in the construction and energy sectors.

Eiffage sold a 16.7 percent stake in toll road group Cofiroute and a 49 percent stake in the Millau suspended road viaduct to reap a net capital gain of 667 million euros in 2007.

Eiffage had said earlier this month that its sales declined in the fourth quarter by 7.6 percent but its orderbook rose 6.1 percent to 10.4 billion euros.

In the fourth quarter of 2007, Eiffage had sales of 3.331 billion euros against 3.585 billion.

The company came out of a bitter battle last year with Sacyr Vallehermoso , with Eiffage rejecting the Spanish group's moves to take control of the company. (Reporting by Sophie Taylor, editing by Marcel Michelson)

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