UPDATE 2-Orica cautious on forecast, but shares jump 9 pct

* Profit before one-offs up 15 pct

* One-off costs drag net profit down 2 pct

* Still expects higher profit this year

* Shares jump as much as 9 pct (Adds Orica chief, fund manager comments, share price)

By Sonali Paul

MELBOURNE, May 4 (Reuters) - Orica Ltd (ORI.AX), the world's top maker of explosives used in mines, posted a 15 percent rise in first-half profit before one-offs, meeting estimates, but cautioned weak demand from base metals miners and construction markets would temper full-year profit growth.

Its shares, however, jumped as much as 9 percent as investors were relieved the results and outlook of the Australian group, which also makes chemicals and paints, were not worse.

"They would have to be a little bit cautious. But it seems they've done reasonably well to date," said Peter Chilton, an analyst with Constellation Capital Management.

Orica Managing Director Graeme Liebelt said the company had been surprised by the extent of the downturn in some of its markets, like construction and infrastructure, but highlighted that gold, copper and coal for power plants had held well.

"Our businesses continue to show considerable resilience," the company said. "However, we remain vigilant because of unpredictable global market conditions."

Analysts on average are expecting full-year profit growth of 4 percent, according to Reuters Estimates.

Orica's shares last traded up 8.4 percent at A$18.59 after touching a high of A$18.69, adding to its sharp outperformance of the broader market .AXJO so far this year.

Net profit before one-offs rose to A$264 million ($194 million) for the six months to March 31 from A$229.8 million a year earlier, meeting six brokers' forecasts for profit of around A$260 million.

Orica, whose main rival in explosives is Incitec Pivot Ltd (IPL.AX), said net profit after tax and items fell 2 percent to A$220 million, hit by restructuring costs and the costs of a cancelled plan to float its consumer products business.

Earnings from the group's biggest division, mining services, rose 18 percent, helped by higher selling prices on ammonium nitrate, solid sales volumes to gold, coal and copper miners, a weaker Australian dollar and cost-cutting measures.

"The outlook is that most likely things will be a little weaker relatively speaking in the second half in our markets and we need to adapt accordingly," Liebelt told reporters.