Belgium's CFE Q1 turnover stable

* Q1 turnover 390 mln euros vs 389 mln in Q1 2008

* Says net debt increases to 155 mln euros

BRUSSELS, May 18 (Reuters) - Belgian building company CFE (CFEB.BR) reported stable first-quarter turnover on Monday and said that its order book remained strong despite the cancelling of a dredging contract in Dubai and that debt was under control.

First-quarter turnover amounted to 390 million euros ($525.4 million), against 389 million euros for the same period last year with stability in every division.

The group said its order book stood at 2.12 billion euros on April 1, compared with 1.85 billion euros a year earlier and 2.33 billion euros at the end of 2008.

The cancellation of a contract in Port Rashid, Dubai, had a negative impact of 143 million euros on the order book, CFE said.

The group's dredging unit DEME had obtained several new orders, including a contract in Brazil for its environmental division, it added.

CFE said net financial debt stood at 155 million euros at the end of the first quarter, against 133.5 million euros at the end of 2008, consisting of 257 million euros in long-term debt and a short-term positive cash position of 102 million euros.

CFE, 47 percent owned by France's Vinci (SGEF.PA), is a group of construction companies and also holds 50 percent of dredger DEME. Belgian holding company Ackermans & van Haaren (ACKB.BR), which also issued a trading update on Monday, has the other 50 percent. (Reporting by Antonia van de Velde; Editing by Philip Blenkinsop)