Reuters UPDATE 1- Indonesia Astra Agro Q1 profit down on CPO price

* Q1 net profit down 74 percent

* Q1 revenue down 38 percent

* Slide due to drop in CPO prices and production

JAKARTA, April 27 (Reuters) - Indonesia's largest listed plantation firm, PT Astra Agro Lestari Tbk (AALI.JK), said first-quarter net profit fell 74 percent as crude palm oil prices tumbled and production slowed.

The benchmark Malaysian palm futures contract KPOc3 has lost almost 45 percent of its value since hitting an all-time high of 4,486 ringgit on March 4, 2008.

Astra Agro, which has a market capitalisation of $2.3 billion, said net profit dropped to 217.7 billion rupiah ($20.1 million) in the January-March period, from 827.05 billion rupiah, while revenue fell 38 percent to 1.41 trillion rupiah.

The firm, which is controlled by Indonesia's largest automotive distributor PT Astra International Tbk (ASII.JK), also said CPO production fell 9.1 percent to 225,984 tonnes in the first quarter.

It had said previously that it expected its CPO output to rise to 990,000 tonnes in 2009, from 981,538 tonnes in 2008.

Analysts polled by Reuters Estimates expect Astra Agro, which accounts for about 5 percent of total crude palm oil production in Indonesia, to post full-year net profit of 1.74 trillion rupiah on revenue of 6.45 trillion rupiah.

Shares in Astra Agro closed down 0.95 percent, roughly in line with a 0.96 percent fall in the Indonesia Composite Index .JKSE. ($1 = 10,830 rupiah) (Reporting by Tyagita Silka; Editing by Sara Webb)