Greece's EYATH sees 2009 pretax profit down 8.5 pct

ATHENS, June 4 (Reuters) - Greece's second largest water utility EYATH said on Thursday it expects pretax profit to drop 8.5 percent in 2009, before a rebound in the next two years.

EYATH, for which the government is seeking a strategic investor, sees 2009 pretax profit at 19.4 million euros ($27.49 million) and revenues up 19.8 percent to 91 million euros the same period, it said in a presentation to analysts.

The Greek government, which owns 74 percent of EYATH (TWSr.AT), has said it will seek a strategic investor for the company this year as part of plans to raise 1 billion euros from state asset sales to pay down public debt. [ID:nL2174692]

The company said it expected pretax profit to rise to 23.5 million euros in 2010 and 28.6 million euros in 2011.

"EYATH expects additional revenues from the expansion of its area of operations," the company said. "It will continue with its cost cutting policy."

EYATH is 5-percent owned by France's Suez Environnement (SEVI.PA).

Its shares have gained about 44 percent since the start of the year, outperforming the Athens general index .ATG, up 34.8 percent in the same period. ($1=.7058 Euro) (Reporting by Renee Maltezou; Editing by Hans Peters)