UPDATE 1-Australia's ASX profit up 35 pct on strong trading

(Adds details, background)

SYDNEY, Feb 14 (Reuters) - ASX Ltd (ASX.AX: Quote, Profile, Research), operator of the Australian stock exchange, broadly met market expectations with a 35.4 percent rise in first-half profit on record revenues from its cash equities business.

Shares in ASX, like many other companies geared to the stock market, have been sold off in the past few weeks on investor concerns about a grim stock market outlook, as the global credit crisis makes access to funds more expensive.

"The performance of ASX in the first half of the financial year 2008 has been strong across the group's entire trading, listing, clearing and settlement, and market data activities," Chief Executive Robert Elstone said in a statement.

He said the pipeline of listing applications for the second-half remained robust, but was vulnerable to any slowing of domestic growth or business confidence.

ASX reported net profit of A$187.4 million ($167.3 million) in the six months ended December, up from A$139.3 million reported a year ago. Nine analysts surveyed by Reuters on average had estimated ASX's profit at A$183.7 million, with forecasts ranging from A$174.1-A$193.1 million.

ASX's listing revenue rose 18.1 percent to A$66.6 million in the first half, with 177 new listings raising a total of A$42.2 billion. Cash market revenue climbed 32 percent to A$96.3 million, with ASX clocking a daily average turnover of A$6.5 billion.

The two segments account for about half of ASX's total revenues.

Australian shares set successive record peaks last year drawing more people into the market. But the global credit crisis unnerved investors and dimmed the outlook for markets, initial public offerings and other forms of capital raisings.