PARIS (Reuters) - Lafarge <LAFP.PA>, the world's largest cement maker, reported a 48 percent rise in first-quarter operating profit on Wednesday as the acquisition of Orascom Cement, cost savings and strong prices earnings.

Lafarge, which also supplies concrete, gypsum, sand and gravel and competes with Holcim <HOLN.VX>, maintained a positive overall market outlook despite the U.S. economic slowdown and reiterated its guidance for a new increase in 2008 profit.

"The fundamentals of our sector remain sound," Lafarge said in a statement. "There are considerable construction and infrastructure needs in emerging markets."

Current operating profit rose more than expected to 512 million euros ($792.9 million) from 345 million euros in the first quarter of 2007 on sales up 8 percent at 4.0 billion.

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Net profit slipped to 150 million euros as expected, from 362 million last year, due to an unfavorable comparison. Net income was lifted in the first quarter 2007 by the impact of divesting its roofing business and assets in Turkey.

Seven analysts polled by Reuters had on average forecast sales of 3.993 billion euros, an operating profit of 450 million euros and a net income of 126 million.

Buoyant building activity in Central and Eastern Europe, and Asia, and the integration of Egypt's Orascom Cement, which Lafarge acquired for 8.8 billion euros in December, were the main drivers of earnings growth, and helped make up for slowing construction trends in the United States and Spain.

Gypsum sales fell 4 percent to 398 million euros, with operating profit down 57 percent to 20 million euros, affected by the slowdown in the U.S. residential construction sector.

Lafarge's performance compared with a 4 percent rise in both Holcim's sales and operating EBITDA.

Lafarge's core cement business generated quarterly sales up 16 percent to 2.554 billion euros and current operating income up 57 percent to 469 million euros.

Lafarge shares closed 0.3 percent lower at 114.70 euros on Tuesday. They have lost 8 percent since the start of 2008, in line with the European construction and building materials <.SXOP> sector, hit by worries about a global economic slowdown.

(Reporting by Marie Maitre; Editing by Quentin Bryar)