Ivory Coast's SAPH profit falls 69 pct in 2009

* Profit down 69 pct yr-on-yr

CYCLICAL CONSUMER GOODS

* 1,800 CFA franc per share dividend proposed (Adds analyst comment, rubber prices)

ABIDJAN, April 8 (Reuters) - Net profit at Ivorian natural rubber producer SAPH SPHC.CI fell 69 percent to 6.29 billion CFA francs ($12.77 million) in 2009 from 19.97 billion CFA in the previous year, the company said on Thursday.

Turnover fell to 75.60 billion CFA last year from 104.94 billion CFA in 2008, the firm said in a statement to the stock exchange in Abidjan, without giving reasons for such a large fall in profit.

SAPH proposed a net dividend of 1,800 CFA francs per share for 2009.

The fall in income was even greater than expected by analysts at MediCapital Bank in London, but the bank maintained its positive outlook for the firm.

"The economics behind the SAPH story remain strong for 2010 with a pick-up in rubber prices globally, (and) a return in demand for cars," the bank said in a note.

Benchmark Tokyo rubber futures prices <0#JRU:> hit a 20-month high earlier this week.

Share trading on the BRVM, West Africa's regional bourse, is generally illiquid, with volumes small.

"SAPH ... suffers from the BRVM-discount effect and we see no potential in the medium-term for the arrival of the necessary level of volumes to bring the stock back to life," MediCapital said. "But ... we remain positive in the long term."

SAPH shares fell by 4.7 percent on Thursday to close at 14,005 CFA francs per share, down from Wednesday's closing price of 14,700 CFA. (Reporting by Loucoumane Coulibaly; editing by Daniel Magnowski and Rupert Winchester)

(reuters.com)