UPDATE 2-S.Africa's Tongaat-Hulett H1 profit up 44 pct

(Adds CEO quotes, shares, analyst quote)

JOHANNESBURG, Aug 4 (Reuters) - South African sugar group Tongaat-Hulett (TONJ.J) said on Monday first-half profit rose 44 percent to 443 million rand ($61.02 million) but forecast lower full-year earnings.

Tongaat-Hulett attributed its operating profit to competitive maize prices, improved margins and volume growth in its starch units.

The group said increased profit contributions came from its major sugar operations in Mozambique, Swaziland and Zimbabwe contributed 141 million rand to the total group operating profit.

The starch unit profit grew to 103 million rand compared to a previous 37 million rand.

"We are pleased to have continued to grow profit from operations with further progress in the positioning of Tongaat-Hulett as a growing and competitive agri-processing business," Peter Staude, Tongaat-Hulett's chief executive officer, said in a statement.

Shares in Tongaat-Hulett were unchanged by 0808 GMT from its Friday's close of 75.50 rand. The All-Share index fell 0.81 percent.

"I think the results were in line with market expectation," said Abri du Plessis, chief investment officer at Gryphon Asset Management.

Tongaat-Hulett revenue rose 28 percent to 3.1 billion rand and headline earnings grew to 252 million rand compared to a previous loss of 155 million rand.

Tongaat Hulett's net debt rose to 1.8 billion rand from 991 million rand at the end of 2007.

The results were driven by factors including the listing and unbundling of Hulamin (HLMJ.J), which makes semi-fabricated aluminium.

Tongaat-Hulett declared an interim dividend of 160 cents per share. (Reporting by Gugulakhe Lourie; Editing by David Cowell)