Greece's Mytilineos 2008 net falls 90 pct

ATHENS, March 26 (Reuters) - Greece's Mytilineos, a metals group expanding into energy, said on Thursday its annual profit plunged 90 percent in 2008, on higher energy costs and the absence of capital gains booked a year earlier. Mytilineos, a major Balkan producer and trader of aluminium, zinc and lead, said net profit was 18.5 million euros, from 193.6 million. That was in line with an average estimate of 18.4 million euros in a Reuters poll of seven analysts. In 2007, Mytilineos booked capital gains of 152 million euros from the transfer of its energy generation assets into a joint venture with Spanish electricity company Endesa. On Thursday, Mytilineos said it expected the joint-venture to have "a significant contribution" to 2009 results, without giving further details. Sales rose 6.9 percent to 976 million euros, boosted by its unit Metka, a builder of power plants whose sales advanced 34 percent to 381.5 million euros. Metka's project backlog stood at 1.5 billion euros, Mytilineos said. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 22 percent to 118 million euros, beating an average estimate of 100.5 million euros. The euro's strength against the dollar as well as high oil prices reduced EBITDA by a combined 56 million euros, the company said.