UPDATE 1-Alfa Laval Q1 core profit above forecast

* EBITDA falls to 1.26 billion crowns ($148 million)

* Tops mean forecast of 1.22 billion

* Order bookings fall to 5.85 billion vs 7.43 billion

(Adds detail)

STOCKHOLM, April 20 (Reuters) - Swedish engineering group Alfa Laval (ALFA.ST) posted first-quarter core profit just above market expectations on Monday and said it expected demand to be in line or somewhat lower in the coming months.

Earnings before interest, tax and amortisation (adjusted EBITA) fell to 1.26 billion Swedish crowns ($148 million) from a year-ago 1.41 billion, just beating the mean forecast of 1.22 billion seen in a Reuters poll of 11 analysts.

Adjusted EBITA is the group's standard measure of its profitability, stripping out items that distort comparisons.

Alfa Laval said its order bookings fell to 5.85 billion in January through March from 7.43 billion a year earlier to come in below the 6.18 billion seen by analysts.

In a stunning reversal from years of bulging order books, Sweden's blue-chip engineering companies have seen demand evaporate since the financial crisis ballooned into a precipitous global downturn in the latter half of 2008.

Alfa Laval forecast limited change in the demand trend in the next quarter and said it continues to adjust capacity and costs according to current market conditions.

"We expect demand during the second quarter to be in line with or somewhat lower than the first quarter 2009," it said in the report.

Sales at the maker of fluid-handling equipment, pumps and heat-transfer products rose to 6.92 billion crowns in the quarter from 6.27 billion a year ago, topping the poll's mean forecast of 6.43 billion.

However, the company said the equipment division showed a general decline in the first quarter compared to the same period a year ago. (Editing by David Holmes)