UPDATE 2-Greek Coke bottler Q3 slips; Russia weighs

* Coca-Cola Hellenic Q3 net down 3 pct

* Recession hits soft drink demand, forex losses weigh

* Profit margins resilient thanks to cost savings

* Economic conditions remain tough

(Adds more CEO comments, detail, share price)

By Angeliki Koutantou

ATHENS, Nov 5 (Reuters) - Coca-Cola Hellenic CCBq.L, the world's second-largest bottler of Coca-Cola, reported on Thursday third-quarter net profit in line with market expectations and said outlook remained uncertain due tough economic conditions.

The global downturn has led to consumers cutting spending and to currency devaluations, hurting CCH's business, particularly in developing countries such as Russia and Nigeria, which account for about two thirds of CCH's sales.

Coca-Cola Hellenic (CCH) said third-quarter net profit fell 3 percent year-on-year to 206.1 million euros ($303.9 million), as soft drink demand softened.

The figure was in line with an average forecast of 205.4 million produced in a Reuters poll.

The group said third-quarter sales volume came in at 584 million unit cases, below analysts' average forecast of 611 million, helped by the acquisition of Italian bottler Socib.

Foreign exchange losses weighed on revenues, which fell 9 percent to 1.88 billion euros.

At 08:45 GMT, CCH shares were 2.23 percent down, versus a drop of 0.92 percent for the Athens bourse general index .ATG.

Analysts said this reflected investors concerns over the recovery of the developing markets.

"Some people probably think there is still a long road until developing and emerging markets see a recovery," National P&K Securities Iakovos Kourtesis said.

OUTLOOK UNCERTAIN

The bottler, which has not provided earnings guidance for 2009, said economic conditions remained tough, making 2010 prospects uncertain. But cost cutting initiatives helped it maintain market share and profit margins.

"Although the economic outlook is still uncertain, the fundamentals of our business remain strong ... evidenced by the shares gains we achieved in the third quarter in the non-alcoholic, ready-to-drink beverage category," managing director Doros Constantinou said in a statement.

He said the situation in developing markets remained higly challenging for the rest of the year and in 2010 and their recovery would lag that of established countries.

In a phone interview after the results, Constantinou told Reuters, the firm was on track to meet its 2009 target for cost savings of 115-120 million euros ($169.6 million).

He said the firm grew or maintained market share in countries such as Italy and Romania, adding that sales' volume in Russia, which fell sharply, were still under pressure.

CCH, 23.3 percent owned by Coca-Cola Co (KO.N), operates in 28 countries across Europe and Africa.

The stock trades at 15 times estimated 2009 earnings, versus a multiple of 15.6 for rival Pepsi Bottling PBG.N, according to Thomson Reuters I/B/E/S data. (Editing by Andrew Callus) ($1=.6782 Euro)