UPDATE 4-Abertis 9-month profit falls, Spanish roads weak

* Abertis net profit down 3.1 percent, missing forecasts

* Spanish traffic deteriorates in third quarter

* Telecoms unit nine-month revenue up 9.4 percent

* Shares down 4 percent

(Adds comments from conference call)

By Sonya Dowsett

MADRID, Nov 6 (Reuters) - Spanish infrastructure group Abertis (ABE.MC) reported nine-month net profit slightly below forecasts on Thursday, saying economic conditions were worse than expected as traffic levels declined in the third quarter.

Traffic on Abertis' toll road network in Spain, France and Argentina fell 2.6 percent from last year. Traffic in Spain fell 4.9 percent, accelerating from 4.1 percent in the first half as a sharp economic slowdown kept more drivers off toll roads.

Credit Suisse said the trend in Spain was worrying given traffic levels deteriorated further in the third quarter despite extraordinary negative impacts in the first half such as a strike by truck drivers in protest at high oil prices.

"In our view this justifies our preference for French and Italian toll road stocks," said analyst Robert Crimes.

Spanish toll road operator Cintra (CCIT.MC) said last week it expected Spanish traffic to show negative trends this year.

Abertis' nine-month net profit fell 3.1 percent to 541 million euros ($695.5 million), below a 553.9 million euros forecast in a Reuters survey.

The company, whose main business lines are transportation and communications infrastructure, said it expected positive trends in the full year in all its divisions except motorways.

Abertis told analysts in a conference call it expected traffic levels to fall overall in 2009 on a quarterly basis, although levels would improve in the third and fourth quarters.

Its diversified profile helped protect it against the slowdown affecting Spanish toll road companies, Finance Director Jose Aljaro told Reuters in an interview.

"Our policy of diversification allows us to confront the strong effects of the crisis that is battering toll road businesses," he said.