UPDATE 1-Czech Pegas Q2 net profit in line, outlook cautious

(Adds comments from conference call, analyst)

PRAGUE Aug 27 (Reuters) - Czech group Pegas Nonwovens (PGSNsp.PR) returned to a net profit of 11.7 million euros ($17.21 million) in the second quarter, after a loss a year ago, helped by foreign exchange gains, the company said on Wednesday.

However, rising commodity prices will likely pressure the artificial fabrics maker's margins in the third quarter, causing the group's finance director to take a cautious stance on the full-year outlook.

"We expect more pressure on margins in the third quarter due to rising commodity prices," Ales Gerza told a conference call following the group's results release.

"At this moment, it's preliminary and we don't have enough evidence for us to say that we are changing guidance or confirming guidance."

The company had forecast 21-25 percent revenue growth and 5-9 percent growth in earnings before interest, tax, depreciation and amortisation (EBITDA).

Pegas sets prices of its polypropylene products based on the development of oil prices but any increases show with a delay, which is likely to negatively impact the third quarter, Gerza said.

Pegas swung to a profit in the second quarter, after a 0.2 million euro loss in the same period a year ago, boosted by a foreign exchange gains from strengthening Czech crown currency, which also lowered interest payments.

Seven analysts polled by Reuters had estimated net profit of 11.7 million euros.

Revenue grew 27.9 percent to 37.6 million euros in the quarter, above a forecast 37.2 million, while operating profit (EBIT) fell 15.2 percent to 6.01 million.

The crown currency has also added to staffing and energy costs for the Czech company, which has most of its costs in crowns but reports in euros.

"The foreign exchange development is going against them," said Josef Nemy, analyst with Komercni Banka, adding the crown is firmer than the company had planned for. "If the crown is stronger, it is increasing costs in euros." (Reporting by Jan Korselt and Jason Hovet, editing by Will Waterman and David Cowell)