Mytilineos H1 profit drops on weaker Metka sales

* H1 net profit drops to 10.4 mln euros from 24.1 mln * Expects Metka projects to speed up in H2 * Group sales down 33 pct to 328 mln euros ATHENS, Aug 5 (Reuters) - Greek metals and energy group Mytilineos said on Wednesday first-half net profit fell to 10.4 million euros ($14.9 million) from 24.1 million, hurt by weaker revenues from power plant building unit Metka. First half 2008 profit included non-recurring income of 20.3 million euros. Mytilineos, a major producer and trader of aluminium and alumina in southeast Europe, is expanding into the energy sector to benefit from increasing demand for electricity in the region. Group revenues dropped 33 percent to 328 million euros year-on-year in the first half, with the company citing delays in projects by Metka. Earnings before interest, tax, depreciation and amortisation (EBITDA) slipped to 47.7 million euros from 56 million in the same period a year earlier, helped by successful hedging operations, lower prices for raw materials and cost savings. The group said net debt was reduced to 342 million euros from 403 million in the first quarter. Metka's sales fell sharply to 101.8 million euros from 211.9 million in the same period last year. But the group said it expects signed projects to speed up significantly in the second half. The unit's backlog of projects has reached 1.4 billion euros. Mytilineos shares have gained 55 percent since the start of the year, outperforming a 36 percent advance in the Greek equities market.