UPDATE 1-Thai Delta sees lower '09 profit in weak market

* Sees lower net profit in 2009 as revenue drops

* Expects flat Q2 earnings and revenue compared to Q1

* Aims to finalise overseas acquisition plans this year (Adds details, shares movement)

BANGKOK, May 11 (Reuters) - Delta Electronics (Thailand) PCL DELT.BK expects its net profit to fall below the 2.9 billion baht ($83.3 million) posted a year earlier due to lower sales to key export markets, a company director said on Monday.

Hit by the global economic downturn, the company also expected second-quarter earnings and revenue to be close to the first quarter, Anusorn Muttaraid told reporters.

"Our profit this year will probably be lower than a year earlier, given the current economic situation, which has hit our key markets in Europe and America," Anusorn said.

"Previously we aimed for $1.1 billion in sales, but now we expect to do about 80 percent of that target."

Anusorn gave no specific earnings forecast but six analysts polled by Reuters Estimates forecast a 13 percent decline in net profit to 2.5 billion baht in 2009.

"The second quarter should get a boost from a continual flow of orders and hopes from government spending, but overall sales and profit should still be close to what we made in the first quarter," Anusorn said.

Earlier on Monday, Delta posted a 36 percent drop in first-quarter net profit to 511.4 million baht, with sales falling almost 17 percent to 6.4 billion baht due to the unfavourable economic conditions. [ID:nBKK393729]

Europe and Asia contribute 70 percent to Delta's sales while exports from a Thai plant to the United States make up 30 percent.

With one plant in Thailand, three assembly plants in India and one in Slovakia, the company's major clients include IBM (IBM.N) and Nokia NOKIV.HE.

Delta, 24 percent owned by Taiwan-based Delta Electronics Inc (2308.TW), is now looking into overseas acquisitions. Anusorn said the company was in talks with three potential partners, without giving further details.

"We will have to give it a bit of time, but hopefully we'll be able to conclude this within this year," he added.

Delta acquired Swiss firm Ascom Energy System six years ago and renamed it Delta Energy System (DES) to help its overseas expansion.

The company is planning to build another plant in India worth around 200-300 million baht as it is running at full capacity there, Anusorn said.

At 0932 GMT, Delta shares were up 3.9 percent at 13.10 baht while the main Thai index .SETI was 1.46 percent higher. ($1= 34.82 Baht) (Reporting by Manunphattr Dhanananphorn; Writing by Ploy Chitsomboon; Editing by Alan Raybould)