UPDATE 4-Abertis 9-month profit falls, Spanish roads weak

* Abertis net profit down 3.1 percent, missing forecasts

* Spanish traffic deteriorates in third quarter

* Telecoms unit nine-month revenue up 9.4 percent

* Shares down 4 percent

(Adds comments from conference call)

By Sonya Dowsett

MADRID, Nov 6 (Reuters) - Spanish infrastructure group Abertis (ABE.MC) reported nine-month net profit slightly below forecasts on Thursday, saying economic conditions were worse than expected as traffic levels declined in the third quarter.

Traffic on Abertis' toll road network in Spain, France and Argentina fell 2.6 percent from last year. Traffic in Spain fell 4.9 percent, accelerating from 4.1 percent in the first half as a sharp economic slowdown kept more drivers off toll roads.

Credit Suisse said the trend in Spain was worrying given traffic levels deteriorated further in the third quarter despite extraordinary negative impacts in the first half such as a strike by truck drivers in protest at high oil prices.

"In our view this justifies our preference for French and Italian toll road stocks," said analyst Robert Crimes.

Spanish toll road operator Cintra CCIT.MC said last week it expected Spanish traffic to show negative trends this year.

Abertis' nine-month net profit fell 3.1 percent to 541 million euros ($695.5 million), below a 553.9 million euros forecast in a Reuters survey.

The company, whose main business lines are transportation and communications infrastructure, said it expected positive trends in the full year in all its divisions except motorways.

Abertis told analysts in a conference call it expected traffic levels to fall overall in 2009 on a quarterly basis, although levels would improve in the third and fourth quarters.

Its diversified profile helped protect it against the slowdown affecting Spanish toll road companies, Finance Director Jose Aljaro told Reuters in an interview.

"Our policy of diversification allows us to confront the strong effects of the crisis that is battering toll road businesses," he said.

The telecoms division, comprising 11 percent of total revenue, put in a strong performance with nine-month revenue up 9.4 percent.

Aljaro said the company was not thinking of making big acquisitions and now was the time to consolidate ongoing purchases.

However, the company said the consolidation of its Chilean motorway unit was not likely to take place until the end of the year instead of during the second half as previously expected.

Abertis agreed to buy the Chilean motorways from Spanish construction group ACS (ACS.MC) in April.

Group net debt stood at 13.24 billion euros at the end of September. Abertis said it had 1.195 billion euros in unused credit lines and was confident it could cover the expiry of 312 million euros of debt in the fourth quarter.

Abertis' shares were 4 percent lower at 13.87 euros by 1328 GMT, in line with a 4.2 percent fall in Spain's blue chip index .IBEX. (Additional reporting by Carlos Ruano; Editing by David Cowell) (Reporting by Sonya Dowsett; editing by John Stonestreet)