UPDATE 1-Vietnam fertiliser maker PVFCCo Q1 up, sees 2008 fall

(Adds annual targets, share price)

HANOI, April 9 (Reuters) - Vietnamese fertiliser maker PVFCCo DPM.HM, Vietnam's second-largest listed firm, posted a 77 percent rise in first quarter pre-tax profits but said annual earnings could drop by almost 10 percent.

PVFCCo, or Petrovietnam Fertiliser and Chemicals Company, gave no reason for the expected decline in 2008 profits.

Pre-tax profit jumped 77 percent to 425.5 billion dong ($26.7 million) in the first quarter as revenues more than doubled to 1.22 trillion dong.

Shares in PVFCCo closed up 1.9 percent at 53,000 dong ($3.32) on Wednesday ahead of the announcement, valuing the firm at $1.26 billion.

The company projected its 2008 gross profit to fall 9.8 percent to 1.19 trillion dong even though revenues could rise 12.2 percent to 4.4 trillion dong.

It said it would invest 17 billion dong to buy a 36 percent stake in a new packaging plant, and buy a 15 percent stake worth $6 million in Petrovietnam Vinatex Dinh Vu fibre plant, located in the northern port city of Haiphong. ($1=15,961 dong) (Reporting by Ho Binh Minh, Editing by Lincoln Feast)