UPDATE 1-Poland's Netia turns to profit in Q3, ups guidance

* Raises EBITDA forecast to 290 million zlotys

* Sees profits ahead after first net profit since Q2 2008

* Shares up 1.2 pct

(Adds forecast, further details, share price)

WARSAW, Nov 5 (Reuters) - Netia NTIA.WA, Poland's second biggest telecoms group, reported its first net profit in more than a year on Thursday and raised its 2009 core profit forecast, thanks to deeper cost cuts and savings from a recent buy.

Netia, which last reported a net profit in the second quarter of 2008 thanks to the sale of a stake in a cellphone operator, earned a better-than-expected 3.2 million zlotys ($1.11 million) versus a loss of 18.4 million in the year-ago period.

Excluding hedging losses, the net profit stood at 4.2 million zlotys. Analysts polled by Reuters expected Netia to earn 2 million zlotys.

Shares in Netia rose 1.2 percent by 1143 GMT versus a 0.7 percent gain by Warsaw's midcap index .MWIG40.

Chief Financial Officer Jon Eastick said the group expected to post another net profit in the final three months of the year and each quarter of 2010.

Netia has been growing its Internet business to make up for the underperforming fixed-line arm as it battles Poland's dominant telecoms group TPSA TPSA.WA, a unit of France Telecom (FTE.PA).

It raised its EBITDA (earnings before interest, taxation, depreciation and amortisation) forecast to 290 million zlotys ($100 million) from a previously expected 275 million.

But Netia lowered its revenue forecast by 5 million zlotys to 1.495 billion due to weak sales among institutional clients. It also reduced capital expenditure plan to 250 million zlotys from 260 million. ($1=2.894 Zloty) (Reporting by Agnieszka Barteczko, writing by Chris Borowski; Editing by David Cowell)