UPDATE 1-Bezeq Q1 net profit jumps, sees better 2009

* Net profit 608 mln shekels vs 396 mln forecast

* Revenue up 2 percent to 3.16 bln shekels

* Raises 2009 outlook

* Shares up 5.5 percent

(Adds detail, comment from Bezeq)

JERUSALEM, May 20 (Reuters) - Bezeq Israel Telecom (BEZQ.TA), the country's dominant phone company, reported a 48 percent jump in quarterly net profit on Wednesday and raised its outlook for all of 2009.

Bezeq's shares opened 5.5 percent higher at 7.28 shekels.

First-quarter net profit rose to a record 608 million shekels ($148 million) or 0.23 shekel per share from 411 million shekels, or 0.15 shekel a share, a year earlier.

Bezeq was forecast to have posted net profit of 396 million shekels, according to a Reuters poll of seven analysts.

Revenue in the quarter increased to 3.16 billion shekels from 3.10 billion a year earlier. Earnings before depreciation, interest, taxes and depreciation and amortisation (EBITDA) rose 18 percent to 1.29 billion.

Bezeq said its results were boosted by improvements in its mobile phone, Internet service provider and satellite TV units.

"Bezeq is raising its outlook for 2009 and currently anticipates achieving revenues, net profit, EBITDA, and operating cash flows in line with those of the Bezeq Group's full-year 2008 performance levels," it said in a statement.

It said the outlook was based on a materially stronger financial performance as compared with the corresponding quarter in 2008, and taking into consideration the economic environment.

Bezeq also reiterated it would pay a cash dividend of 792 million shekels, or 0.3 shekel per share, on May 24.

In March, Bezeq said it aimed for its 2009 results to be close to that of 2008. (Reporting by Steven Scheer; Editing by David Holmes) ($1 = 4.12 shekels)