UPDATE 2-Sacyr's swings to H1 profit on Itinere gains

* Reiterates 2009 11 bln eur debt target vs 12 bln end-June

* Shares up 2.75 pct

(Adds conference call details, analyst comment, share price)

MADRID, July 30 (Reuters) - Spanish builder Sacyr Vallehermoso (SVO.MC) swung to a net profit of 413 million euros ($584.2 million) in the first half from a pro forma loss of 101 million a year ago, boosted by asset sales, the company said on Thursday.

The lion's share of the asset disposals was Sacyr's stake in motorway concessionary Itinere ITIE.MC, which it agreed to sell to Citigroup (C.N).

The company also sold 1.45 billion euros of real estate assets, earmarking 1.1 billion for cutting its debt pile.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 30.9 percent to 238 million euros.

"The results were fairly weak. In the second quarter, the company's construction business performed worse than expected. Without the one-off gains from the Itinere sale, the company would be in losses," BNP Paribas-Fortis analyst Emilio Rotondo said.

Construction revenues rose 24.1 percent to 3.30 billion euros, while the orderbook stood at 53.8 billion at end-June.

Sacyr expects construction revenues for 2009 to be broadly flat compared with a year earlier, executives told analysts during a first-half results presentation.

The order book does not include the $3 billion Panama canal contract which its consortium with Italy's Impregilo (IPGI.MI) won in July. [ID:nN15376730]

The Spanish-Italian group beat a team led by privately-owned U.S. firm Bechtel and a group including Spanish giants ACS (ACS.MC), FCC (FCC.MC) and Acciona (ANA.MC). When the contract was awarded there was speculation that the Spanish builders would appeal the decision.

However, Sacyr Chairman Luis del Rivero told analysts no appeal had been lodged.

At 1200 GMT, Sacyr shares were up 2.75 pct to 11.04 euros. ($1=.7069 Euro) (Reporting by Judy MacInnes; Editing by Greg Mahlich and Simon Jessop)