JOHANNESBURG, Nov 12 (Reuters) - South African food producer Premier Group posted on Tuesday a rise of 32.4% in half-year profit at the upper end of its forecast range, boosted by cost-saving initiatives in a challenging operating environment.

The 200-year-old company which listed last year said its headline earnings per share $(HEPS)$- a profit measure - grew to 438 cents for the six months ended Sept.30 from 331 cents a year ago.

The maker of Blue Ribbon bread and Snowflake flour has invested in its manufacturing capabilities by building high-volume bakeries and other modern equipment that have improved quality and cut production costs.

Group revenue grew marginally by 3.7%, to 9.7 billion rand ($539.38 million), despite a challenging environment marred by "high interest rates, soft commodity volatility and a depressed consumer environment," the company said in a statement.

Operating profit increased by 17.3% to 945 million rand, benefiting from the suspension of load-shedding, which further improved operations in Premier's core categories.

The group, which vies for market share with rivals such as Tiger Brands , Pioneer Food and RCL Foods , recently bought a 30% stake from rice importer Goldkeys International, to gain exposure to the market in the staple. ($1=17.9836 rand)

(Reporting by Sfundo Parakozov; Editing by Clarence Fernandez)

((Sfundo.Parakozov@thomsonreuters.com;))