UPDATE 1- India's Suzlon sees FY10 net rising; revenue flat

(Adds details on plans with REpower, byline)

By Ami shah

MUMBAI, June 28 (Reuters) - India's Suzlon Energy (SUZL.BO) expects its consolidated net profit in the fiscal year 2010 to rise on flat revenues, as high one-time costs in the fiscal year 2009 would come down, a senior company official said on Sunday.

"I think FY09 for us was a very difficult year. There were a number of one-off losses," Sumant Sinha, chief operating officer, told reporters, referring to costs related to events such as a blade retrofit programme and currency fluctuations.

"While there is an industry-wide slowdown in the immediate term, we see a rebound in (calendar year 2010) with long-term drivers gaining momentum," Sinha said in a statement.

The world's fifth-largest wind turbine maker said its order book stood at 79.01 billion rupees as at June 25.

Suzlon said its blade retrofit programme was 80 percent complete and it would be fully complete by the middle of August.

The company reported a net profit of 4.1 billion rupees ($85.2 million) for the quarter ended March and a total income in the period of 92.1 billion rupees.

In the same quarter a year ago, it had reported a net profit of 4.57 billion rupees and a total income of 49.4 billion rupees.

The company said the figures were not comparable with those a year ago, as the figures for the quarter ended March 2009, include the figures of its German subsidiary REpower Systems AG (RPWGn.DE).

PLANS WITH REPOWER

Sinha said the company was evaluating options on its plans with its unit REpower, which is current listed in Germany.

Sinha said: "Our intention clearly at some point would be to move forward ... closer integration with REpower."

"That could happen by virtue of either a domination agreement or by virtue of a squeeze-out," Sinha added explaining that squeeze-out would imply hiking the stake to over 95 percent.

"We are examining all of those factors with our people in Germany," he added.

Under German laws, a domination agreement can be pushed through once a company owns at least one share above 75 percent in another.

A domination agreement can enable the majority shareholder to have better control over the acquired company.

Suzlon hiked its stake in REpower to 90.72 percent this month, by acquiring a stake in tranches from Portugal's Martifer (MARTI.LS)

Ahead of the results, shares in Suzlon ended 4.7 percent higher at 123.35 rupees on Friday in a Mumbai market that closed 3 percent higher. ($1=48.1 rupees) (Editing by Jerry Norton and Jon Loades-Carter)