UPDATE 1-Buzzi Unicem cuts guidance as H1 net plunges

* H1 net 40.6 mln euros, down 75.9 percent

* Sees 2009 recurring gross operating profit down 40 pct

* Shares down 2.4 percent

(Adds details, shares)

MILAN, Aug 11 (Reuters) - Italian cement maker Buzzi Unicem SpA (BZU.MI) cut its profit expectations for the year on Tuesday as it reported a nearly 76 percent fall in first-half net profit.

The economic downturn hit demand for building materials in mature markets and in eastern Europe, particularly in Russia and Ukraine, where a strong performance had helped boost last year's results, it said.

Family-controlled Buzzi, which also operates in the U.S., said it now expected recurring gross operating profit to fall about 40 percent in 2009 from 2008, revised from its earlier guidance of a fall of 20-30 percent.

Gross operating profit was 922.7 million euros in 2008.

Its first-half net profit in 2009 was 40.6 million euros ($57.51 million), while revenues declined 22.6 percent to 1.346 billion euros.

Last month, rival Italcementi (ITAI.MI) warned of "higher volatility" from emerging markets as first-half net profit fell 58 percent, while No. 1 cement maker Lafarge (LAFP.PA) cut its forecast for the global cement market.

By 1309 GMT, Buzzi shares were down 2.4 percent at 10.74 euros, and the DJ Stoxx construction and building materials index .SXOP was up 0.07 percent. (Reporting by Danilo Masoni, editing by Will Waterman) ($1=.7059 Euro)