News: UPDATE 1-Australia's Qube Holdings says H1 profit slips on draught commodities rout

(Adds quotes, Asciano takeover detail)

SYDNEY, Feb 24 (Reuters) - Australian ports and logistics operator Qube Holdings Ltd (QUB) said on Wednesday that underlying first-half net profit fell 1.7 percent as drought weighed on farm-related volumes and lower commodity prices impacted resources haulage.

Qube said underlying net profit totaled A$52.2 million ($37.6 million) for the six months to Dec. 31, compared to A$53.1 million in the prior first half. The underlying result excluded an upward asset revaluation in the previous corresponding period.

The company, which has been engaged in a months-long takeover battle for larger rival Asciano Ltd (AIO), declared a dividend of 2.7 Australian cents per share, the same as the previous first half.

In a statement, Qube said it expects its stevedoring activities to benefit from strong volumes of vehicle imports, but "near-term demand for resources and oil- and gas-related activity is expected to remain subdued".

Farming haulage volumes have fallen, "reflecting the difficult economic environment and continued drought conditions in part of the country", it added.

On Tuesday, Qube said it had entered talks with Canada's Brookfield Asset Management Inc with a view to a A$9 billion takeover of Australian rival Asciano Ltd (AIO).

($1 = 1.3895 Australian dollars)