UPDATE 1-ABB Grain H1 profit rises 79 pct, shares jump

(Adds details, share price)

SYDNEY, May 27 (Reuters) - ABB Grain Ltd ABB.AX, Australia's top barley exporter, said its first-half net profit rose 79 percent, driven by higher grain receivals, and raised its full-year forecast, sending its shares up over 5 percent.

The company, which hopes to expand in wheat exporting as the industry de-regulates, lifted its forecast net profit for the year to Sept. 30 to between A$33 million ($32 million) and A$38 million, from a previous forecast of A$30-A$35 million.

ABB shares rose as much as 5.6 percent after the announcement to a high of A$10.30.

"ABB Grain's main business units -- national supply chain, malt and grain marketing -- all played a vital part in the company's strong result, despite a difficult season, high commodity prices and soaring transport costs," managing director Michael Iwaniw said.

Half-year profit was A$33.6 million, bouncing back following an 89 percent net profit fall to A$7.3 million in the full year to Sept. 30, 2007 due to drought.

ABB has ambitions to become one of the country's major exporters of bulk wheat when the export system changes on July 1.

The company said the result, which also reflected higher margins for malt and grain, was boosted by a 94 percent rise in grain receivals to 3.5 million tonnes for the 2008/09 season into its storage and handling network.

This was still below normal seasonal receivals of about six million tonnes because of continuing drought, the group said.

Grain prices for the latest half-year were also up to 70 percent higher than the previous half-year because of global supply and demand conditions, it said.

ABB said its half-year revenue rose 77 percent to A$1.1 billion.

The improved profit outlook follows good recent planting rain in the company's main operating state of South Australia -- in contrast to the lack of rain in the main eastern growing state of New South Wales.

ABB shares rose by almost 40 percent between February and the end of April this year, hitting a year high of A$10.34 to make it Australia's 11th largest industrials company by market capitalisation.

Australia's largest wheat exporter AWB Ltd (AWB.AX) last week reported an 89 percent jump in net profit for the March half-year, also rebounding from the previous corresponding period's drought-hit result.

Eastern grains handler and trader GrainCorp Ltd (GNC.AX) is due to report its first-half results on Thursday of this week. ($1=A$1.04) (Reporting by Michael Byrnes; Editing by James Thornhill)