BRUSSELS (Reuters) - Belgian holding company NPM/CNP (NAT.BR: Quote, Profile, Research) reported on Thursday a 2007 net consolidated profit of 450 million euros ($689.6 million), down 50 percent from the previous year due to high capital profits in 2006.

NPM, owned by Belgian billionaire Albert Frere, owns stakes in blue-chip companies such as oil major Total (TOTF.PA: Quote, Profile, Research), French television station M6 (MMTP.PA: Quote, Profile, Research) and Iberdrola (IBE.MC: Quote, Profile, Research) of Spain and has a large private equity activity.

NPM said in a statement it would propose a gross dividend of 0.73 euro per share for 2007, up from 0.68 euro in 2006, confirming its target of an annual increase of 7 percent "for the foreseeable future."

It will also propose shareholders clear a new 86 million euro share buyback scheme for the next 12 months.

For 2008, NPM said it expected dividends from its shareholdings to increase significantly, which would raise profit before capital operations.

(Reporting by Julien Ponthus; Editing by Dale Hudson)