UPDATE 1-AVI sees higher profit, Argentinean sale delayed

* Headline EPS from continuing ops up 5-10 pct

* 11-month revenue up 12.4 pct

* Argentinean hake disposal delayed

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JOHANNESBURG, June 29 (Reuters) - South African consumer goods firm AVI Ltd (AVIJ.J) forecast a 5-10 percent rise in profit from continuing operations and said the planned sale of its Argentinean hake and shrimp business had been delayed.

The company said it expected to report a 5-10 percent rise in annual earnings per share for continuing operations, including net capital gains on the disposal of assets, and roughly the same increase in headline EPS from continuing operations.

AVI, which fended off a takeover approach from larger rival Tiger Brands (TBSJ.J) earlier this year, said revenue in the 11 months to end May rose 12.4 percent and said its operating profit margin was roughly flat versus the previous year.

AVI said higher levels of debt and interest rates had led to a significant increase in net finance charges.

It said its efforts to sell its Argentinean shrimp and hake business had been frustrated by the global credit crunch, but that it remained committed to selling the asset and expected to find a seller in the next financial year.

AVI shares rose on the news, but traded flat at 17.45 rand by 0903 GMT, slightly lagging a firmer JSE Mid-cap index .JMIDC.

(Reporting by Rebecca Harrison; Editing by Muchena Zigomo)