UPDATE 1-Koc Holding's H1 net profit up 91 pct

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ISTANBUL, Sept 5 (Reuters) - Turkish finance-to-energy conglomerate Koc Holding (KCHOL.IS) said on Friday its first half net profit surged 91 percent 1.71 billion lira ($1.37 billion), it said in a statement.

Family-owned Koc said in a short statement that consolidated sales jumped 31 percent to 28.2 billion lira and operating profit doubled to 3.4 billion lira.

The company provided no second-quarter results.

Koc Holding's chief executive, Bulent Bulgurlu, said that the second half of 2008 might prove difficult due to shrinking export markets and a change in capital flows.

The company is on track for its goal of making 2.8 billion lira of investments in 2008, Bulgurlu said, and added that its expectations were more positive for the second half of 2009.

The holding company's net cash position has topped $1 billion after the sale of supermarket chain Migros MIGRS.IS and its share of the insurance venture Koc Allianz, he said.

Private equity firm BC Partners purchased Migros earlier this year for 1.98 billion lira and Germany's Allianz SE (ALVG.DE) bought Koc Holding out of Koc Allianz. (Reporting by Selcuk Gokoluk; Editing by Greg Mahlich)