UPDATE 1-Italian refiner Saras slumps to Q3 net loss

* Q3 adj net loss 37.6 mln euros vs forecast 18 mln loss

* Does not see rebound in refining margins till end H1 2010

* Postpones major capex

(Adds detail, background)

MILAN, Nov 10 (Reuters) - Italian oil refiner Saras SpA (SRS.MI) slumped to a worse than expected net loss in the third-quarter, impacted by maintenance effects and depressed refining margins.

The company, which said it will postpone all major growth projects from 2010 by 12 to 18 months, said all its units were operational, adding only minor maintenance will be carried out in the fourth quarter.

Saras, the country's third-biggest refiner by capacity, made an adjusted net loss of 37.6 million euros in the quarter compared with an adjusted profit of 60.1 million euros a year ago. A Thomson Reuters I/B/E/S consensus of seven brokers had pinned the third-quarter net loss at 18 million euros.

Current high levels of oil product inventories and recent additions of refining capacity in Asia prompted a cautious approach going forward, Saras said in a statement.

"We agree (with analysts) that meaningful rebounds in refining margins and middle distillates crack will probably take place towards the end of H1 2010," it said.

Saras said its third-quarter refining margin was a negative $0.3 per barrel. (Reporting by Stephen Jewkes; Editing by David Holmes)