* Q3 EBIT down 16 pct to 269 million euros, misses forecasts
* Low spot prices hurt earnings, focus on renewables
* Cuts outlook
* Sticks to dividend policy
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VIENNA, Oct 27 (Reuters) - Austria's biggest utility, Verbund cut its full-year forecast on Tuesday after reporting a 16 percent fall in third-quarter operating profit as lower spot prices hurt earnings.
High rainfall, however, helped boost its hydropower business, slightly softening the blow to its overall results.
Verbund, which generates a large portion of its power from hydro-electric dams in Austria, said it would continue to put more of its resources into renewable energy to avoid seasonal factors.
Group earnings before interest and taxes (EBIT) fell to 269.1 million euros ($405 million), Verbund said. Analysts polled by Reuters had predicted 289 million euros EBIT.
Net profit fell to 191.9 million euros, also under the average estimate. Verbund said a 40 percent fall in spot prices in the first three months of the year was mainly to blame.
"With regard to the current financial year 2009, on the basis of a relatively stable operative business development, the company expects a slight decline in its results compared to 2008," Verbund CEO Wolfgang Anzengruber said in a statement.
He said the company will stick to its dividend policy with a payout ratio of at least 45 percent.
The group had previously said it aimed for similar operating results in the full year as last year.
Smaller Austrian peer EVN said earlier this month it expects its 2008/09 operating earnings will be slightly better than a year ago..
Verbund shares have held steady since the start of the year, outperforming the DJ Stoxx European utilities index which has fallen nearly 6 percent. (Reporting by Sylvia Westall; Editing by David Cowell)