CORRECTED - UPDATE 1-Lafarge Q3 slumps, sees H2 2010 recovery

(Corrects figures in second bullet point to millions)

* Revenue 4.252 bln euro vs consensus 4.623 bln

* Current opg profit 852 mln vs consensus 856.17 mln

* Says 2009 cement volumes to drop 6 to 8 pct

* Recovery expected in second half 2010

By Leila Abboud

PARIS, Nov 6 (Reuters) -The world's biggest cement maker Lafarge SA (LAFP.PA) was hit hard by the global recession in the third quarter as sales and profits slumped but it said the recovery would come to developed markets by the second half of 2010.

Lafarge's third quarter revenue declined 20 percent to 4.252 billion euros ($6.31 billion), while analysts polled by Reuters expected 4.623 billion euros.

Lafarge's current operating profit declined 28 percent to 852 million euro in the third quarter, compared with a consensus of 856.17 million euro.

"The progressive improvement of the economic environment along with government stimulus plans, with their announced large focus on infrastructure spending, are expected to have a positive impact on our markets as of the second half of 2010," said the company in a statement.

Cement demand is strongly linked to economic activity, so an uptick in gross domestic product next year in major markets like the U.S. and China should benefit Lafarge and its competitors.

The picture for 2009 remains tough however. Lafarge said cement volumes would drop in its markets by 6 to 8 percent this year, darkening its previous outlook given in July for a drop of 4 to 8 percent. At the outset of 2009, Lafarge had said volumes would drop by 2 to 5 percent.

Investors and analysts are closely watching the sector for signs of economic recovery. Construction and infrastructure projects are often slowed during a recession, and financing is tougher to find.

Lafarge competes with Mexico's CEMEX CMXCPO, Switzerland's Holcim (HOLN.VX), and Germany's HeidelbergCement HIEG.DE. HeidelbergCement and Cemex have already posted third quarter results, while Holcim will do so on Nov.11 [ID:nL3364461] [ID:nN28275640].

Lafarge said its effort to cut costs and dispose of 1 billion euros in assets this year were continuing. Since January, the group said it had sold 800 million euro of assets, out of its overall goal of ceding 1 billion euros of assets.

Lafarge shares are up 52 percent this year compared to a 27 percent rise in the European DJ Stoxx Construction and Materials Index .SXOP. ($1=.6734 Euro) (Reporting by Leila Abboud; Editing by Hans Peters)