UPDATE 1-Polimex Q4 net in line, dividend boosts shares

WARSAW, March 2 (Reuters) - Plans by Polish builder Polimex to pay a modest dividend helped drive its shares to a three-week high on Tuesday as its net profit was boosted by one-off gains and a pick-up in sales.

Polimex, whose business spans infrastructure, industrial and housing projects, reported a 77 percent jump in its consolidated net profit to 49.8 million zlotys ($17.2 million), including an expected 11 million boost from the sale of Hotel Warszawa, in line with forecasts.

In early afternoon trade its shares were up 4.3 percent, valuing the company at $700 million.

'We want to pay a small dividend from 2009 earnings, at 10-20 percent of our unconsolidated profit (of 102 million zlotys),' Chief Executive Konrad Jaskola told a news conference.

Polimex is undergoing restructuring, planning to buy out remaining stakes in its seven subsidiaries, including the listed Naftobudowa and Energomontaz Polnoc, through a share issue, giving their minority owners 11-13 percent in its raised capital.

Jaskola reiterated this year's revenue at the group would remain largely unchanged after a 13 percent rise last year to 4.85 billion zlotys, expecting margin growth thanks to the consolidation process.

'Net margin, at 3.21 percent in 2009, should near 4 percent, thanks mostly to lower cost of management,' he said.

The builder has a project portfolio of 7.4 billion, with 4.2 billion set aside for this year.

(Reporting by Adrian Krajewski, editing by Will Waterman) ($1=2.902 Zloty) Keywords: POLIMEX/ ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.