UPDATE 1-Swisscom's Q1 profit up 14 pct, confirms outlook

* Swisscom Q1 net profit 485 million Swiss francs

* Analysts' average forecast was 438 mln Sfr

* Group confirms 2009 outlook

ZURICH, May 6 (Reuters) - Swisscom's (SCMN.VX) net profit beat forecasts in the first quarter with a 14 percent rise to 485 million Swiss francs ($429.6 million), the company said on Wednesday.

Switzerland's dominant telecommunication's group confirmed its 2009 outlook, saying that excluding Italian division Fastweb it saw revenue between 9.2 billion and 9.3 billion Swiss francs and core profit (EBITDA) of 3.8 billion to 3.9 billion francs.

Net sales slipped 0.6 percent to 2.916 billion francs in the first quarter, the former monopoly said.

In a Reuters poll, analysts had on average forecast a rise in net profit to 438 million francs and near flat revenue of 2.94 billion francs.[ID:nLU970837]

Swisscom shares have fallen some 20 percent over the last 12 months, outperforming a near 30 percent drop in the European telecommunication sector index.SXKP. The Swiss government still holds some 50 percent of the firm.

Swisscom bought Italian broadband operator Fastweb (FWB.MI) in 2007, returning to a more aggressive strategy to counter lacklustre growth at home where, like many other former monopolies, it faces price pressures and increasing competition.

(Reporting by Emma Thomasson;)