* Group Q3 sales down 8.2 percent at 2.98 bln euros
* Confirms sees 2009 net, sales close to 2008 levels
* Ahead of this year's cost savings goal of 300 mln euros
* Q3 volumes increase compared with Q2 2009
* Shares down 2.6 percent
(Adds analyst comments, background, shares)
By Caroline Jacobs
PARIS, Oct 22 (Reuters) - Sales at French industrial gases group Air Liquide fell in the third quarter, but it said annual sales and net profit would still be similar to 2008 levels as demand improved, especially in emerging markets.
It said tighter cost control, prompted by the credit crisis, led to savings of 230 million euros ($343 million) in the first three quarters, just ahead of its 2009 goal for 300 million euros, resulting in a wider operating margin.
Air Liquide, whose gas activities range from putting fizz in soft drinks to providing hydrogen to oil refineries and health care gases to hospitals, detected a quarter-on-quarter recovery in demand, mainly for oxygen and some specialty gases.
"The increase in volumes compared to the second quarter is noticeable, even if they have not yet returned to the high 2008 levels," Chairman and Chief Executive Benoit Potier said in a statement on Thursday.
"The positive signs observed at the end of the first half have therefore been confirmed, signalling a trend reversal in several sectors," he added.
Air Liquide put a cost efficiency plan in place in 2007, targeting savings of 600 million euros over three years.
Group sales reached 2.98 billion euros ($4.45 billion) in the third quarter, down 5.2 percent at constant exchange rates and natural gas prices.
Gas and Services sales fell nearly 9 percent to 2.5 billion euros, down 5.3 percent on a comparable basis for the year, but up more than 3 percent from the previous quarter.
Air Liquide shares were down 2.6 percent at 77.67 euros at 0730 GMT, as some investors had hoped for signs of a more marked improvement, analysts said. The shares had hit a year high of 80.36 euros two days ago. The DJ Stoxx chemicals index was down 1.5 percent.
"The recovery is there but remains weak, and some investors had hoped for a surprise," said a Paris-based analyst who declined to be named.
"It is very encouraging that they are sticking to their net income target and encouraging that cost cuts are ahead of schedule," a London-based analyst said
Against the previous quarter, Air Liquide noted a speedier recovery in emerging markets. In China, it expects to benefit from the country's booming economy, based on industries such as chemicals and steel, which use oxygen to make products.
Healthcare gases were Air Liquide's only division to show growth, even at an accelerating pace.
Air Liquide's chief rival, Germany's Linde, last month reiterated it expected a further recovery of its business in the second half of the year as the economic environment improved.
Air Liquide's stock is trading at 17.9 times the company's expected 2009 earnings per share. ($1 = 0.6697 euro) (Reporting by Caroline Jacobs; Editing by James Regan/Will Waterman) ($1=.6697 Euro)