UPDATE 2-Giant Interactive profit tops targets, sees strong Q1

* Q4 adj. EPS $0.18 vs est. $0.10

* Q4 revenue $51.7 mln vs est. $48.51 mln

* Sets dividend $0.18/shr

* Shares up 6 percent

By Mansi Dutta

BANGALORE, March 4 (Reuters) - Chinese online game designer Giant Interactive Group (GA.N) posted a quarterly profit that beat market estimates on the strong performance of ZT Online, its flagship game, and set a better-than-expected first-quarter revenue outlook, sending its shares up 6 percent.

Giant, which makes massively multiplayer online games, posted earnings of $42.5 million, or 18 cents per American Depositary Share (ADS).

Its revenue of $51.7 million came ahead of analysts' estimates of $48.51 million.

For the first quarter, the company forecast revenue of $54 million to 57 million, above analysts' estimates of $52 million.