UPDATE 1-Shin-Etsu profit up 13 pct, wafer demand solid

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TOKYO, July 22 (Reuters) - Japan's Shin-Etsu Chemical Co Ltd (4063.T) posted a 13 percent rise in quarterly profit thanks to solid sales of silicon wafers worldwide, sales of construction materials in emerging markets and an accounting change, sending its shares up.

The world's biggest maker of silicon wafers has been largely unscathed by price falls that are hurting memory chip makers such as Samsung Electronics Co Ltd (005930.KS) and Toshiba Corp (6502.T) as well as semiconductor equipment makers.

But like other suppliers of silicon and silicon wafers, Shin-Etsu is under pressure from clients who are cutting capital spending and demanding lower prices for silicon wafers that are diced into microchips.

Shin-Etsu, which also produces chemicals, kept its forecast of a net profit of 200 billion yen ($1.88 billion) for the year to March, in line with a market consensus of 201.2 billion yen by 18 analysts.

Shin-Etsu, which along with rival Sumco Corp (3436.T) controls more than half of the world's silicon wafer market, earned a net profit of 51.42 billion yen in April-June, up from 45.59 billion yen in the same period a year earlier.

Shin-Etsu has also been trying to offset slow construction material sales amid a U.S. housing slump by shipping more chemicals to emerging markets.

Shin-Etsu is the world's largest maker of polyvinyl chloride (PVC), a resin used in pipes, wires and other construction materials. Shin-Etsu unit Shintech Inc holds 30 percent of the U.S. PVC market and competes against Georgia Gulf (GGC.N), PolyOne Corp (POL.N), and Westlake Chemical Corp (WLK.N).

Shares of Shin-Etsu, which gained 28 percent in April-June, were trading up 2.5 percent after the announcement, while shares of Sumco, which gained 8 percent in the same period, were up 3.5 percent.

(Reporting by Mayumi Negishi; editing by Sophie Hardach)