CORRECTED - Vocento Q1 profit jumps on one-off asset sales

(Corrects paragraphs 1 and 4 to show net profit, EBITDA and operating profit are in millions of euros, not billions, and prior-year loss in second paragraph was 508,000 euros, not 508 million)

MADRID May 14 (Reuters) - Spain's Vocento (VOC.MC), publisher of newspaper ABC, posted first-quarter net profit of 2.69 million euros on Thursday, with earnings distorted by a restructuring plan and one-off asset sales.

That compared with a loss of 508,000 euros in the same period last year at the group, which owns TV, radio and newspaper assets.

Total revenues fell 14.9 percent to 184.37 million euros, with advertising sales plummeting 28.3 percent, even though sales of newspapers rose 3 percent.

Vocento posted a loss before interest, taxes, depreciation and amortisation of 3.46 million euros, but operating profit of 6.7 million euros after one-off gains from property sales.

Recurring costs fell 15 percent in the first quarter, the company said, as it attempted to offset the decline in advertising revenues.

Vocento is modernising its business and is one of the few media companies that analysts say is well positioned to withstand the economic crisis and the downturn in advertising, given it has practically no debt.

The company holds a conference call at 1000 GMT. (Reporting by Elisabeth O'Leary, editing by Will Waterman) ($1=.7377 Euro)