UPDATE 1-Australia's Nufarm H1 profit jumps, outlook positive

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SYDNEY, March 27 (Reuters) - Australian farm chemicals group Nufarm Ltd (NUF.AX: Quote, Profile, Research) said its first-half operating profit jumped by five times, thanks to a surge in fertiliser prices, though it stuck with its full-year profit forecasts.

Profit before one-off items for the six months to January 2008 came in at A$35.4 million ($32.5 million), compared with A$7.5 million a year ago.

The result was in line with a forecast Nufarm made earlier in March when it announced the purchase of two crop protection businesses in the UK and United States.

"All of Nufarm's regional crop protection businesses recorded stronger results on both a sales and operating basis," the company said in a statement, saying its Australian operations posted a significantly improved result.

Its Brazilian business also made a bigger contribution to earnings.

Nufarm stuck with a revised full-year profit forecast of A$150 million, but said it would review the guidance in coming months.

"The outlook for the remainder of Nufarm's 2008 financial year is positive, with global agricultural markets showing strong demand for crop protection products as the company's Australian, Noth American and European businesses approach major sales months," the statement said.

Nufarm said crop plantings in all markets were expected to be strong, driven by soaring global demand for grains and other agricultural commodities and near record prices.