UPDATE 1-Australia's Asciano sees earnings up 15% a year

(Adds company comment, debt and CEO stake details)

SYDNEY, March 3 (Reuters) - Asciano Group Ltd (AIO.AX: Quote, Profile, Research), Australia's biggest port and rail operator, reported a first-half loss on debt costs and a grain unit writedown, but said it expects earnings to grow as much as 15 percent a year in future. The company, spun off by logistics group Toll Holdings Ltd (TOL.AX: Quote, Profile, Research) last June, said it sees organic growth in earnings before interest, tax, depreciation and amortisation (EBITDA) of 10 to 15 percent a year over the long term.

Asciano, which said it expects to close its grain business, reported EBITDA of A$365.9 million ($341.9 million) for the six months to Dec. 31, up 19 percent from a year earlier pro-forma figure. Analysts had expected EBITDA of A$335.3 million, according to the average of three forecasts in a Reuters survey.

Asciano reported an after tax loss of A$71.1 million for the half year. No pro-forma earnings figure for the year-ago period was given. Three analysts' forecasts had ranged between a net loss of A$42 million and a net profit of A$64 million.

Analysts have been concerned about the group's heavy debt burden. Last year, Asciano bought a 4 percent stake Brambles Ltd (BXB.AX: Quote, Profile, Research), sparking talk it might make a bid for the pallet provider. But it cut its stake in December and said it would use the proceeds to trim debt.

Total outstanding bank debt at Dec. 31 was A$4.9 billion, an "appropriate level given Asciano's underlying assets and cashflow," the company said on Monday.

There was minimal outstanding debt against Chief Executive Mark Rowsthorn's stake in Asciano and no risk of margin calls, the company said in a statement to the Australian Stock Exchange.

After recent extensions, no debt facilities matured until 2009.

Asciano shares have lost more than half their value since listing last June, falling from A$10.76 to last trade at A$4.97. The broader market has fallen 12 percent over the same period. ($1=A$1.07) (Reporting by Miranda Maxwell)